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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