SAN JOSE, CA-Mitch Thurston, senior vice president and managing director, and Andy Ahlers, vice president, both of NorthMarq Capital’s San Francisco regional office, arranged first mortgage financing of $180 million for the Woods and Cherrywood Apartments. Financing was based on interest only for the length of the term and was arranged for the borrowers, the Woods LP and Cherry Avenue Development Co. LP, by NorthMarq through its seller-servicer relationship with Freddie Mac.
The apartments contain a combined total of 2,369 multifamily units. The Woods is located at 4300 the Woods Dr. and Cherrywood Apartments is located at 4951 Cherry Ave.
Thurston points out that the transaction is a full-term interest-only loan with an expansion option. “This is a very flexible loan structure that provides the borrower with the ability to draw additional principal or pay down principal as the need arises.”
Thurston adds that NorthMarq has also provided the borrower with an expansion option, whereby the loan amount can be increased by 25% at some point in the future. “We are very pleased to work so closely with our partners at Freddie Mac to structure and close this transaction.”
GlobeSt.com was not able to get an answer at the time of deadline as to what the borrowers plan to do with the loan. NorthMarq, headquartered in Minneapolis, offers commercial real estate services for investors, developers, corporations and tenants. The company provides mortgage banking and commercial loan servicing in 32 offices coast-to-coast, with an average of $7 billion in annual production volume and services a loan portfolio of nearly $40 billion. Earlier this year, as GlobeSt.com previously reported, NorthMarq hired Thurston and Ahlers in an effort to expand the company’s multifamily financing practice.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
