When a refinance was in order, Jeffrey Weidell, president, Nathan Prouty, managing director, and Andrew Slaton, vice president of NorthMarq Capital's San Francisco-based regional office, arranged a $103 million loan.

“We took the deal to a handful of life insurance companies. The request at over $100 million limits the market,” Slaton tells GlobeSt.com. “In addition to size, very low cap rates and a mix of property types, 1960s product and brand new product, didn't fit with many lenders particularly well. This leads to a lender who can underwrite both unit types aggressively given the prime location in Mountain View.”

The refinance transaction was structured with a 10-year term with five years of interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Prometheus Real Estate Group, through its correspondent relationship with TH Real Estate, an operating division of TIAA Global Asset Management.

“Our connection with TH Real Estate, a long-time correspondent life insurance company relationship of NorthMarq's, stepped up and beat out the competition through a combination of loan proceeds, interest only, prepayment flexibility and ability to lock rate at term sheet,” explained Slaton. “We lucked out on fixing the rate before the recent run-up in the treasury yields. The closing went smoothly on this unique, well-run community in Mountain View.”

As previously reported, construction is underway on 1101 West, the condominium community located at 1101 West El Camino Real in downtown Mountain View.

MOUNTAIN VIEW, CA—When housing is barely keeping up with employment demands, a multifamily property in the thick of it is a prime asset. One class-A property, Madrone Apartments, benefits from its location in the heart of Silicon Valley and its borrowing power is proof of that.

Located at 111 North Rengstorff Ave., Madrone is located near major employers, two downtown corridors, regional shopping destinations, parks and recreation, top-rated schools, two Caltrain stations and key freeways. Within two miles are the Googleplex and The Village at San Antonio Center, a Safeway-anchored shopping and dining hub.

Built in 1962, Madrone underwent extensive renovations in 2008 and 2014. The latest phase of renovations involved the demolition of 50 existing units and the addition of 134 new units, bringing the total number of units from 188 to 272. Cosmetic upgrades were also made to the existing asset design to match the new construction. These changes included modernizing the existing decks and patios, expanding the fitness center, making further upgrades to the clubhouse, and enhanced landscaping.

Community amenities include high-speed Internet access, heated pool with oversized deck and separate spa, fully equipped fitness center, reserved parking, landscaped grounds with picnic/barbecue area, a modernized clubhouse with fireplace and kitchen facilities, and a TZ Parcel Locker System.

When a refinance was in order, Jeffrey Weidell, president, Nathan Prouty, managing director, and Andrew Slaton, vice president of NorthMarq Capital's San Francisco-based regional office, arranged a $103 million loan.

“We took the deal to a handful of life insurance companies. The request at over $100 million limits the market,” Slaton tells GlobeSt.com. “In addition to size, very low cap rates and a mix of property types, 1960s product and brand new product, didn't fit with many lenders particularly well. This leads to a lender who can underwrite both unit types aggressively given the prime location in Mountain View.”

The refinance transaction was structured with a 10-year term with five years of interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Prometheus Real Estate Group, through its correspondent relationship with TH Real Estate, an operating division of TIAA Global Asset Management.

“Our connection with TH Real Estate, a long-time correspondent life insurance company relationship of NorthMarq's, stepped up and beat out the competition through a combination of loan proceeds, interest only, prepayment flexibility and ability to lock rate at term sheet,” explained Slaton. “We lucked out on fixing the rate before the recent run-up in the treasury yields. The closing went smoothly on this unique, well-run community in Mountain View.”

As previously reported, construction is underway on 1101 West, the condominium community located at 1101 West El Camino Real in downtown Mountain View.