SAN FRANCISCO—NorthMarq has arranged the $20.5 million refinance of Pacific Terrace, a 41-unit market rate multifamily property with 2,500 square feet of ground floor retail in the Russian Hill neighborhood.
Dennis Williams, managing director and Brian Esquivel, assistant vice president of NorthMarq Capital’s San Francisco based regional office handled the transaction. The deal was structured as a 7-year fixed rate loan with a 27-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a life company.
“We were fortunate to have the opportunity to provide both the initial construction loan and the take-out permanent financing for this outstanding asset located in one of San Francisco’s best neighborhoods,” said Williams. “The permanent fixed rate loan provided by the life company lender excelled in both proceeds and rate. The closing process was praised by all parties involved.”