Northmarq secures $54M Freddie Mac refinance for award-winning mixed-use development in Alameda, CA

Image property of CoStar

ALAMEDA, Calif. — Northmarq’s San Francisco Debt + Equity team, led by Dan Baker and Jason Szuminski, arranged $54 million in financing for Storehouse Lofts, a 197-unit residential mixed-use property located at 2350 Saratoga Street in Alameda, California.

The transaction refinances the original construction loan for the property, which is more than 95% leased and includes 187,466 square feet of total space.

Northmarq facilitated the deal on behalf of Alameda Point Redevelopers LLC, leveraging its correspondent relationship with Freddie Mac to structure a 10-year fixed-rate loan.

“This refinance marks a significant milestone for Storehouse Lofts and reflects the strength of both the borrower’s vision and the property’s performance in the market,” said Szuminski. “With over 95% occupancy and recognition from CoStar for Redevelopment of the Year, the project stands out as a successful example of adaptive reuse.”

Storehouse Lofts is a distinctive adaptive reuse project that transformed a former military warehouse into a modern live/work community. Each unit is loft-style with open floorplans and high ceilings. Residents enjoy access to a gym, wellness center and roof deck, while commercial tenants include a brewery and restaurant.