JB Matteson Completes $132MM in Refinancing of Six Multifamily Properties In California & Washington

Waterfront Apartments in Petaluma, Calif.

SAN FRANCISCO, CALIFORNIA (September 13, 2021) – Dennis Williams, senior vice president/managing director and Tom Wight, vice president of NorthMarq’s San Francisco office collaborated to arrange $132 million in total financing for six multifamily properties comprising a total of 965 units. NorthMarq arranged the financing for the Sponsor, JB Matteson, Inc. through its long-time correspondent relationship with the life insurance company Allianz. The six permanent loans featured competitive fixed interest rates with interest-only payments for the full 10-year terms. 

“JB Matteson applauds NorthMarq and Allianz for their professionalism and timely performance on six simultaneous refinancings,” said Tom Fischer, Principal and Director of Capital Markets for JB Matteson. “These economically attractive, long-term loans will materially improve financial performance for our investors.  In the last two years, JB Matteson has refinanced thirteen loans with the San Francisco NorthMarq office.” 

“We are thrilled that Allianz was able to provide our Sponsor with a seamless execution on this complex set of transactions,” said Wight. “The properties are located in various markets with unique ownership structures. Our Sponsor obtained the most competitive portfolio-level pricing and terms available and was able to lock rate months in advance, providing peace of mind during these uncertain times.” 

Avanti Apartments: NorthMarq’s San Francisco office arranged the $19.25 million refinance of Avanti Apartments. Built in 2005, the Class A 216-unit multifamily property is located at 4450 El Centro Road in the North Natomas neighborhood of Sacramento, California. The property features unique landscaping, courtyard with hand-tiled mosaics and fountain, and updated amenities in each unit. 

Millworks Apartments: NorthMarq’s San Francisco office arranged the $31.4 million refinance of Millworks Apartments. Built in 2010, the Class A 124-unit multifamily property, is located at 900 Reichert Avenue in Novato, California. Units feature granite countertops, high-end appliances and spacious floor plans, situated above structured parking, a ground floor Whole Foods and a short walk to public transportation.  

Reflections at the Park: NorthMarq’s San Francisco office arranged the $18.5 million refinance of Reflections at the Park. Built in 2008, the Class A 244-unit multifamily property is located at 11510 NE 112th Drive in Vancouver, Washington. approximately 10 miles north of Portland, Oregon.  Community amenities include a pool, business center, fitness center and playground, while units feature full-sized washer/dryer, granite countertops, stainless steel appliances and decks. 

Tustin Cottages: NorthMarq’s San Francisco office arranged the $19.4 million refinance of Tustin Cottages. Built in 2011, the Class A 93-unit multifamily property, is located at 1361 El Camino Real in Tustin, California. 3- and 4-bedroom townhomes feature stainless steel appliances, updated flooring and direct access two-car garages.

Urban Village: NorthMarq’s San Francisco office arranged the $25.5 million refinance of Urban Village Apartments. Built in 2015, the Class A 129-unit multifamily property with ground-floor retail is located at 1081 Long Beach Boulevard in Long Beach, California. The property features a full array of resort-style amenities, high-quality finishes and benefits from its proximity to the shores of the Pacific Ocean, public transportation as well as numerous historical, shopping and restaurant attractions. 

Waterfront Apartments: NorthMarq’s San Francisco office arranged the $18 million refinance of Waterfront Apartments. Built in 2007, the Class A property is located at 201 1st Street in Petaluma, California in Sonoma County. The mixed-use property comprises 96 multifamily units and approximately 4,000 sq. ft. of commercial space.   

About JB Matteson, Inc.
JB Matteson, Inc. is a 50-year old privately-held investment manager located on the San Francisco Peninsula. On behalf of several hundred private capital investors, JB Matteson owns and operates Class A, investment grade multifamily properties located in major metropolitan areas on the West Coast. JB Matteson’s $1.5 billion portfolio includes both urban mixed-use assets and suburban garden-style apartments.  

About NorthMarq
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our more than 600 people. For more information, please visit www.northmarq.com/cities/san-francisco/.

West Coast Commercial Real Estate News