CAMPBELL, CA—NorthMarq's San Francisco regional office, has arranged a low loan-to-value, non-recourse construction loan with a mini perm in the amount of $45.28 million for 1677 South Bascom Ave. in Campbell.
This asset is a mixed-use apartment complex containing 168 market-rate multifamily units along with 15,000 sq. ft. of retail space. Financing was based on a 3-year interest-only term. NorthMarq's John Kerslake, svp/senior director, arranged this financing for the borrower through the firm's relationship with a regional bank.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size.
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