SAN FRANCISCO (April 27, 2020) – Nathan Prouty, managing director, and Andy Slaton, senior vice president, in NorthMarq’s San Francisco office arranged the $35 million permanent refinancing of Valley Plaza Village Apartments, a multifamily garden apartment property consisting of 144 units located at 4411 Valley Avenue in Pleasanton, California.
The transaction was structured with a 10-year term of interest-only payments with a fixed-rate just under 3 percent. NorthMarq arranged financing for the borrower, an affiliate of E&S Ring, with their Fannie Mae DUS group led by Jeff Dannes. ”NorthMarq’s in-house Fannie Mae team always exceeds expectations but this time around was extraordinary as the deal was signed pre-COVID-19 yet closing marched ahead. Aside from a couple new reserve requirements, it was business as usual and we locked at 2.89 percent on a 10-year loan,” said Slaton. “We were fortunate to have this deal under application and our team was able to protect the spread and avoid the 0.90 percent treasury floor that Fannie recently implemented. Deals will not be easy going forward but the agencies are definitely open for business.”
The property is situated adjacent to the Valley Plaza shopping center at the corner of Valley Ave and Santa Rita Rd approximately one mile north of downtown Pleasanton. Amador Center, another shopping center directly across Valley Ave, is anchored by Safeway and Walgreens and provides residents with additional nearby shopping and dining amenities. Pleasanton’s location at the intersection of the Interstate 580 and 680 has made the city not only a prominent commercial portal, but also ideal for families given its warm climate and reasonable commute times to Oakland, San Francisco and San Jose. Valley Plaza Village Apartments is 2.8 miles southeast of the city’s BART station, providing easy transportation for residents each of these major employment hubs (BART will have access to San Jose once the Silicon Valley extension is completed) as well as throughout the greater Bay Area.