Multifamily - Debt

NorthMarq Capital closes $52 million financing for acquisition of Rosemeade at Olympus Pointe in Roseville, California

SAN FRANCISCO (January 26, 2015) – Dennis Sidbury, senior vice president of NorthMarq Capital’s San Francisco-based office, secured $52 million in financing for the acquisition of Rosemeade at Olympus Pointe, a 465-unit multifamily property located at 1451 Rocky Ridge Drive in Roseville, California. The transaction was structured with a 20-year term with 3 years interest only and a 25-year amortization schedule. NorthMarq arranged financing for the transaction, a joint venture between entities SyRES Properties, LLC (a Syufy Enterprises company) and ConAm Properties, LLC, through its correspondent relationship with a life insurance company. The seller will remain on as property manager and carry a minority interest in the new borrowing entity. “This transaction is an ideal fit for SyRES Properties and we plan to continue to grow our portfolio with similar high-quality acquisitions,” said Glen Ceridono, senior vice president for the firm and head of acquisitions.

“The subject property is a high-quality asset in a very tight apartment market,” said Sidbury. “The borrower, Rosemeade Residential Holdings, LLC, preferred a longer-term financing so it was an ideal fit for a life insurance company. The property will undergo some minor upgrades but is essentially a core acquisition and long-term hold.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.