SAN FRANCISCO-Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq‘s San Francisco regional office, have secured refinancing of $89.1 million for three apartment properties located throughout California.
Financings for the The Boulders, Chesapeake Point and Los Robles Apartments were structured with 10-year terms and 30-year amortization schedules. NorthMarq arranged the financing through its relationship with The Guardian Life Insurance Company of America (“Guardian”).
“In addition to prepayment flexibility, Guardian offered the borrower the ability to build new units at two of the properties and resize the loans after their completion,” said Weidell.
The Boulders is a 164-unit apartment community located in Walnut Creek, Calif. The property sits on 6.36 acres and consists of 16 two-story garden-style buildings with an additional one-story recreation center and a mix of studios, and one and two bedroom apartment homes.
Chesapeake Point is a 100-unit waterfront garden-style apartment project located in San Mateo. Situated on 5.0 acres, the property consists of 11 garden-style buildings with an additional one-story common area building and a mix of one, two and three bedroom units. With close proximity to Interstate 101, the property provides convenient access to many of Silicon Valley’s top employers.
Los Robles, a 248-unit garden-style apartment community located in Thousand Oaks. The property sits on 11.65 acres and consists of 31 two-story garden-style buildings with a mix of one and two bedroom homes.