Mixed Use - Debt

NorthMarq secures $103.8 million pre-stabilized construction take-out financing via Fannie Mae for multifamily/mixed use property in San Carlos

SAN FRANCISCO (February 12, 2019) – Nathan Prouty, senior vice president/managing director, Andrew Slaton, vice president and Briana Harney, vice president in NorthMarq Capital’s San Francisco office arranged the $103,778,000 pre-stabilized construction take-out financing for Trestle Apartments, a transit-oriented multifamily/mixed-use property consisting of 202 units and 25,898 sq. ft. of commercial space located at 333 El Camino Real in San Carlos, California. The fixed-rate transaction was structured with a 10-year interest-only term. NorthMarq arranged financing for the borrower, a joint venture between Prometheus and Legacy Partners, through its in-house Fannie Mae production team.  

Trestle features six residential buildings and two commercial buildings which flank the existing historic Depot of the San Carlos CalTrain station. With easy access to both CalTrain and the 101 Freeway, the location is convenient for households commuting either north to San Francisco or south to Silicon Valley, and is a short drive to major employers in the immediate area, including Oracle, Electronic Arts, and Visa HQ. Just one block away is San Carlos’s vibrant downtown area along Laurel Street, which is lined with popular restaurants, boutiques, and daily needs retail. 

Apartment amenities include: stainless steel dishwasher, refrigerator, range and microwave; central air conditioning; patio/balcony; washer and dryer; wood-style flooring; keyless entry systems and Elfa closets, large windows, outdoor living space, LED lighting, NEST thermostats and EV charging stations. Community amenities include: Think Tank Conference Room; Rooftop deck with al fresco dining; controlled access; Wifi in common areas; outdoor pool and lounge area, reserved parking spaces, Hub by Amazon 24/7 Package Pickup and a fitness center. 

“This was a complex transaction on a property with four of eight buildings still under construction, on a ground lease, with significant commercial space and the NorthMarq team was able to close in a very short time frame,” noted Eron Kosmowski, VP of Finance for Prometheus. “We appreciate what it took to pull this off and are very happy with the manner in how it got done. It was a real concerted effort by a group of creative and solution-oriented people to navigate an incredibly complex transaction with no shortage of moving parts.”

This transaction was featured in the following locations: 

Connect California

GlobeSt.com

Northmarq is an industry-leading 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 an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.