NorthMarq Capital’s San Francisco Office Arranges $40.5MM in Construction Financing for Multifamily Development in Sacramento

SAN FRANCISCO (March 15, 2018) – Managing Director Jeffrey Haskell and Vice President Tom Wight of NorthMarq Capital’s San Francisco office, arranged a $40.5 Million construction loan for the Gio Apartments, a 213-unit Class A luxury apartment project with 4,500 sq. ft. of ground floor retail near Downtown Sacramento.

The 5-story development also includes a four-story parking structure. The project will consist of 22 studios, 130 one-bedroom and 61 two-bedroom apartments, with a ground floor restaurant or retail space. Extensive community amenities will include an expansive lounge area, a roof-top terrace with an outdoor kitchen/lounge, a swimming pool, a state-of-the-art fitness center, artfully landscaped courtyards, and a bike lounge.

The Gio Apartments project is ideally situated just off Highway 50 near three of the region’s largest hospitals. The 142-acre UC Davis Medical Center, located two blocks south of the subject, encompasses more than 2.3 million square feet of space and houses more than 6,600 employees. Mercy General Hospital and Sutter Medical Center are located each one mile away.

The construction loan request garnered significant interest with a large regional bank providing the most competitive terms, including attractive LIBOR-based pricing, interest-only payments and flexible extension options.

About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S, provides debt, equity and commercial loan servicing through offices across the U.S. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company services a loan portfolio of more than $52 billion and has over 300 loan origination experts in regional offices coast-to-coast. For more information please visit www.northmarq.com.

West Coast Commercial Real Estate News