SAN FRANCISCO—One loan required flexibility and the other needed to lock in an attractive rate during a period of tremendous volatility in the capital market. In the end, lenders delivered highly structured facilities for a combination portfolio spanning several states. The two 3 million-square-foot industrial portfolios were refinanced for a combined total of $268 million.

Industrial Portfolio I, the first loan, was a $141 million refinancing of an 18-property industrial portfolio, structured as a seven-year interest-only loan. The portfolio included 3.312 million square feet of assets located in Texas, Pennsylvania, Florida, Illinois, Colorado, California, New Jersey, Oregon and Nevada. Dennis Williams, senior vice president/managing director of NorthMarq Capital's San Francisco office, finalized refinancing for an institutional borrower through a correspondent relationship with a life insurance company. Major tenants include Ashley Furniture, Anixter and US Foods.

Industrial Portfolio II, the second loan, was a $127 million refinance of a 12-property industrial portfolio, structured with a five-year interest-only term. The portfolio was comprised of 3.315 million square feet with properties located in Georgia, Illinois, New Jersey, Indiana, California, Tennessee, Arizona, Oregon and Texas. NorthMarq's Williams arranged the financing for an institutional borrower through its correspondent relationship with a life insurance company. Major tenants include Amazon, LG Electronics and FedEx.

In the multifamily arena, Jeffrey Weidell, president, Nathan Prouty, managing director and Andrew Slaton, vice president of NorthMarq Capital's San Francisco office arranged the $148 million refinance of Cupertino City Center, a 354,770 square-foot office property located at 20400 and 20450 Stevens Creek Blvd. in Cupertino, CA. The transaction was structured with a 10-year term and 30-year amortization schedule. The refinance was arranged on behalf of Prometheus Real Estate Group through NorthMarq's correspondent relationship with Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America. Major tenants on the property include Apple, Seagate Technology and Morgan Stanley.

“The assets are the eight-story centerpieces of the Prometheus development called Cupertino City Center, which was a leading edge mixed-use project built in the late 1980s on a prime corner in upscale Cupertino,” said Prouty. “They remain the tallest buildings in the market, and offer views and a central location no others can. In total, Cupertino City Center consists of five office buildings, three residential projects and one hotel. All share community amenities including a fitness facility, large pool and amphitheater. This mixed-use amenity package is market-leading and rare in this location in Silicon Valley.”

Williams negotiated another loan, the $70 million permanent loan of a mixed-use property located in the Upper Market area of San Francisco, consisting of 81 luxury rental condominiums atop a 30,000-square-foot Whole Foods Market. The transaction was structured with a seven-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with Capital One.

Finally, Williams arranged acquisition financing of $57 million for Ilara Apartments, a 200-unit new luxury apartment property located at 1201 South Main St. in Milpitas, CA. The transaction was structured with a six-year interest only term. NorthMarq arranged financing for borrower through its correspondent relationship with a life insurance company.

The property is located only minutes away from the Great Mall as well as the Great Mall/Main light rail station in what is considered the heart of Silicon Valley. Community features include a business center, emergency maintenance, garage, a hot tub, Wi-Fi, a media center, on-site management, a clubhouse, a fitness center, gated access, a swimming pool, a conference room and a recreation room. Apartment features include oversized closets, stainless steel appliances in island kitchens, balcony, elevator and in-unit washer/dryers.

Williams tells GlobeSt.com: “The lender on this financing, CIGNA, moved very quickly to fund the loan within a tight timeframe. In addition, CIGNA provided full-term interest-only and a flexible prepayment structure to accommodate the borrower's needs.”

SAN FRANCISCO—One loan required flexibility and the other needed to lock in an attractive rate during a period of tremendous volatility in the capital market. In the end, lenders delivered highly structured facilities for a combination portfolio spanning several states. The two 3 million-square-foot industrial portfolios were refinanced for a combined total of $268 million.

Industrial Portfolio I, the first loan, was a $141 million refinancing of an 18-property industrial portfolio, structured as a seven-year interest-only loan. The portfolio included 3.312 million square feet of assets located in Texas, Pennsylvania, Florida, Illinois, Colorado, California, New Jersey, Oregon and Nevada. Dennis Williams, senior vice president/managing director of NorthMarq Capital's San Francisco office, finalized refinancing for an institutional borrower through a correspondent relationship with a life insurance company. Major tenants include Ashley Furniture, Anixter and US Foods.

Industrial Portfolio II, the second loan, was a $127 million refinance of a 12-property industrial portfolio, structured with a five-year interest-only term. The portfolio was comprised of 3.315 million square feet with properties located in Georgia, Illinois, New Jersey, Indiana, California, Tennessee, Arizona, Oregon and Texas. NorthMarq's Williams arranged the financing for an institutional borrower through its correspondent relationship with a life insurance company. Major tenants include Amazon, LG Electronics and FedEx.

In the multifamily arena, Jeffrey Weidell, president, Nathan Prouty, managing director and Andrew Slaton, vice president of NorthMarq Capital's San Francisco office arranged the $148 million refinance of Cupertino City Center, a 354,770 square-foot office property located at 20400 and 20450 Stevens Creek Blvd. in Cupertino, CA. The transaction was structured with a 10-year term and 30-year amortization schedule. The refinance was arranged on behalf of Prometheus Real Estate Group through NorthMarq's correspondent relationship with Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America. Major tenants on the property include Apple, Seagate Technology and Morgan Stanley.

“The assets are the eight-story centerpieces of the Prometheus development called Cupertino City Center, which was a leading edge mixed-use project built in the late 1980s on a prime corner in upscale Cupertino,” said Prouty. “They remain the tallest buildings in the market, and offer views and a central location no others can. In total, Cupertino City Center consists of five office buildings, three residential projects and one hotel. All share community amenities including a fitness facility, large pool and amphitheater. This mixed-use amenity package is market-leading and rare in this location in Silicon Valley.”

Williams negotiated another loan, the $70 million permanent loan of a mixed-use property located in the Upper Market area of San Francisco, consisting of 81 luxury rental condominiums atop a 30,000-square-foot Whole Foods Market. The transaction was structured with a seven-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with Capital One.

Finally, Williams arranged acquisition financing of $57 million for Ilara Apartments, a 200-unit new luxury apartment property located at 1201 South Main St. in Milpitas, CA. The transaction was structured with a six-year interest only term. NorthMarq arranged financing for borrower through its correspondent relationship with a life insurance company.

The property is located only minutes away from the Great Mall as well as the Great Mall/Main light rail station in what is considered the heart of Silicon Valley. Community features include a business center, emergency maintenance, garage, a hot tub, Wi-Fi, a media center, on-site management, a clubhouse, a fitness center, gated access, a swimming pool, a conference room and a recreation room. Apartment features include oversized closets, stainless steel appliances in island kitchens, balcony, elevator and in-unit washer/dryers.

Williams tells GlobeSt.com: “The lender on this financing, CIGNA, moved very quickly to fund the loan within a tight timeframe. In addition, CIGNA provided full-term interest-only and a flexible prepayment structure to accommodate the borrower's needs.”