SANTA CLARA, CA-GlobeSt.com has exclusively learned that a multifamily community called Mansion Grove, made up of 1,000 units or 855,556 square feet has been refinanced for $188 million. The community is located at 502 Mansion Park Dr. in Santa Clara, CA.
Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq's San Francisco regional office arranged first mortgage refinancing for the borrower, an affiliate of Prometheus Real Estate Group, through its relationship with Teachers Insurance and Annuity Association of America and Allstate Life Insurance Co.
Situated on 25 acres of land, the initial development of 876 units was constructed in three phases with completion between 1988 and 1990. In 2010, 124 new luxury units were added in newly constructed buildings.
Recreational amenities include two pools and spas, three tennis courts, volleyball courts and a recreational center with an aerobics studio and weight room. The property was 98% occupied at closing.
Financing was based on a 10-year term and a 30-year amortization schedule. “For this large asset we were able to partner two correspondent lenders together to provide the best pricing to the borrower, with a single loan execution,” Weidell says. “A strong Silicon Valley market and proven high occupancy with quality management helped get this done.”
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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.
