SAN FRANCISCO (February 25, 2016) – Jeffrey Weidell, president, Nathan Prouty, managing director and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco office arranged the $148 million refinance of Cupertino City Center, a 354,770 sq. ft. office property located at 20400 and 20450 Stevens Creek Boulevard in Cupertino, California. The transaction was structured with a 10-year term and 30-year amortization schedule. The refinance was arranged on behalf of Prometheus Real Estate Group through NorthMarq’s correspondent relationship with Allianz Real Estate of America on behalf of Allianz Life Insurance Company of North America. Major tenants on the property include Apple, Seagate Technology and Morgan Stanley.
“The assets are the eight-story centerpieces of the Prometheus development called Cupertino City Center, which was a leading edge mixed-use project built in the late 1980s on a prime corner in upscale Cupertino,” said Prouty. “They remain the tallest buildings in the market and offer views and a central location no others can. In total, Cupertino City Center consists of five office buildings, three residential projects and one hotel. All share community amenities including a fitness facility, large pool, and amphitheater. This mixed-use amenity package is market-leading and rare in this location in Silicon Valley.”
“These buildings have been well occupied since they were built. Given the property’s historical success in attracting tenants, Allianz was able to provide competitive terms for this “blend extend” refinancing with additional proceeds to reflect the increase in value since original loan was placed,” added Slaton.
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 its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks and has a long track record of multi-family loan origination through Freddie Mac Program Plus™, the Fannie Mae DUS program and through FHA, resulting in more than $12 billion in annual production volume and a loan portfolio of more than $47 billion. For more information please visit www.northmarq.com.