SAN FRANCISCO (April 3, 2014) –NorthMarq Capital’s San Francisco based regional office announces the $173 million senior debt refinancing for Park Place Apartments and Mountain View City Center, two adjacent downtown properties located at 851 Church Street and 650 Castro Street, Mountain View, California. The transaction was arranged by Jeff Weidell, president, Nate Prouty, senior director and Andrew Slaton, vice president.
Park Place Apartments contains 373 units and boasts close proximity to retail amenities and the Caltrain Mountain View station, which is a “big plus for both office and multifamily properties,” according to Slaton. Refinancing for the Class-A multifamily property was $118 million. Amenities include pool, spa, fitness center, clubroom, storage and garage parking.
Mountain View City Center is a five story Class-A office building containing 116,205 sq.ft. Refinancing for the office property was $55 million. The property is considered a hub for small and mid-sized technology firms, with a handful of notable key tenants. “As one of the few true Class A multi-tenant office buildings of any significant size in its submarket, Mountain View City Center has historically performed extremely well,” Prouty said. “Occupancy over the last decade has been in the range of 95 percent or higher and it commands rents in excess of the top of the range of asking rates for comparable properties. The curb appeal, on-site retail amenities, and the borrower’s high level pride-of-ownership management style contribute to its success.”
The refinance of these two attractive infill, transit-orientated properties was arranged on behalf of Prometheus Real Estate Group through NorthMarq’s correspondent relationship with Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America. The transaction was structured with a 10-year term and 30-year amortization schedule.