SAN FRANCISCO – Dennis Williams, senior vice president and managing director of NorthMarq Capital’s San Francisco office arranged acquisition financing of $16 million for Waterfront Apartments, a mixed-use property consisting of 90 luxury apartments over ground floor commercial space located at 301 1st Street in Petaluma, California. The transaction was structured with a 7-year interest-only term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
Built in 2008, Waterfront Apartments offers stylish luxury apartment homes with a mix of studio, one bedroom, two bedroom and townhouse floorplans. Residents enjoy ample on-site parking, in-home washers and dryers and decks or patios in select units. Each kitchen features stylish and modern appliances, hardwood cabinets and granite countertops and all units are fully equipped with sprinklers. Units are accented with views of either the Petaluma River or western mountains and the location grants convenient access to Highway 101. Residents enjoy either assigned or open on-site parking depending on unit type.
“The life company lender had competitive pricing on the acquisition of this luxury apartment property in Petaluma, California and won the deal due to their previous relationship with the borrower,” said Williams.