Northmarq’s Debt + Equity team arranges $129.5M refinance of Station 16 Apartments in Millbrae, CA

MILLBRAE, Calif. — Northmarq’s San Francisco Debt + Equity team led by Andrew Slaton, Briana DeHaan, and Nathan Prouty successfully arranged the $129.5 million refinance of Station 16 Apartments, a 320-unit, Class A mid-rise multifamily community located at 126 N. Rollins Rd in Millbrae, California.

Northmarq arranged short term floating rate financing on behalf of the borrower, Republic Urban Properties.

“We have a strong national relationship with the bridge lender on this transaction,” Slaton said. “The property recently stabilized and the lender understood the value of the location, quality of the asset, and it’s positioning in the market. This loan will enable Republic Urban to season stabilized operations with an effective cost of capital.”

Built in 2023, Station 16 is part of the Gateway at Millbrae Station, a 9.6-acre landmark transit-oriented development that transformed former BART surface parking lots into a dynamic, mixed-use community at one of the Bay Area’s busiest transit hubs.

Station 16 is a transit-oriented apartment community conveniently located next to the Millbrae BART and Caltrain station as well as easy access to the 101. It is a 2.4-mile drive to San Francisco International Airport, 15 miles to downtown San Francisco and 25 miles to Silicon Valley. The property features ground-floor retail with Chick-fil-A, Panda Express, and Crumbl Cookies in occupancy. Nearby offerings include shopping, dining and grocery options.

It features studio-, one-, two- and three-bedroom apartments and a combined 356 stacked and surface garage parking spaces. Unit amenities include a balcony, deck, stainless steel appliances, and in-unit washer and dryer.

Community amenities include bicycle storage, a business center, car charging station, clubhouse, private conference rooms, courtyard, fitness center, grill, lounge, on-site maintenance, pet care and pet play area, pool and security system.

“In today’s commercial lending market, having flexibility to refinance large loans within a tight timeframe is crucial to the final execution of any apartment business plan,” said Michael Van Every, President and Managing Partner of Republic Urban Properties. “Northmarq worked fast and smart in providing a long menu of bridge loan options tailored to the business plan of the sponsor which resulted in a 60-day close with a quality lender.”