Renaissance Square phase one has a pool and spa with outdoor lounge and grilling areas.
CONCORD, CA—As previously reported, after acquiring the first phase of Renaissance Square, Legacy Partners and SyRES Properties began construction on the second phase of Renaissance Square earlier this month. The 134-unit multifamily property will be adding 180 units.
GlobeSt.com learns in this exclusive that Jeffrey Weidell, president, and Nathan Prouty, managing director of NorthMarq Capital's San Francisco office, arranged acquisition and construction financing of $72 million for both phases of Renaissance Square. The transaction was structured with a 15-year term with three years interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“Initial funds were used to acquire the existing Phase I building of 134 residential units and the Phase II development site of 180 units,” Prouty tells GlobeSt.com. “The remaining funds will be drawn down within the next three years according to the construction schedule, and upon completion, the loan will convert to a permanent mortgage. The interest rate was fixed throughout, a desirable feature to the financing.”
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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.
