Modernized Silicon Valley Apartments receive $93 million refinancing from NorthMarq Capital’s San Francisco office

SAN FRANCISCO (September 1, 2015) – Jeffrey Weidell, president, Nate Prouty, senior vice president and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco based regional office arranged financing of $93 million for Timberleaf Apartments (2147 Newhall Street) and Alderwood Apartments (900 Pepper Tree Lane) in Santa Clara, California. NorthMarq arranged financing for the borrower, Prometheus Real Estate Group, through its correspondent relationship with a life insurance company. The new senior mortgage loans allowed the borrower to lock in historically low interest rates while benefitting from a period of interest-only payments for part of the loan term. Prometheus constructed the properties in the late 1980’s and has made substantial upgrades in the last ten years. “Silicon Valley rents continue to increase and this has prompted a wave of new construction. Still, renter demand for projects such as these is consistent and intense and will only grow as Apple’s new headquarters campus opens just five minutes away,” explained Prouty.