CUPERTINO, CA—The Markham Apartments, an 80-building, 504-unit complex has received more than $150 million in financing. The multi-family property is located at 20800 Homestead Rd.
Andrew Behrens and Jesse Weber of the CBRE Capital Markets' Debt and Structured Finance team arranged the permanent financing behalf of Prometheus Real Estate Group. The 10-year, full-term, interest-only loan with flexible prepayment feature was provided by Fannie Mae.
Weber tells Globest.com: “The financing for The Markham and Prometheus was highly competitive with a significant amount of interest from a variety of capital sources as a result of the property location and ownership. The winning lender, Fannie Mae, was able to differentiate themselves from the pack based on their speed of rate lock and surety of execution.”
The Markham is located within the Cupertino school district and is just minutes away from Apple, Infosystems, HP and Symantec. The class-A, garden-style community—which is currently 97% occupied—has a clubhouse with a gourmet kitchen, community room with lounge, junior Olympic-sized pool with cabana grill, a hydrotherapy spa, a private theater, business center with Wi-Fi and fitness center. All units include stainless steel appliances, granite counters, washer/dryers and private, oversized patios or balconies.
Eron Kosmowski, vice president of finance for Prometheus stated, “CBRE and Fannie Mae's willingness and ability to utilize a streamlined rate lock program to eliminate the risk of market volatility and interest rate risk was extremely meaningful to our firm. We were able to have our rate locked within a matter of days of signing the loan application and proceeded to a smooth loan closing with peace of mind.”
As reported earlier this week, multi-family investing has reached a 12-month high, says CBRE.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
