NorthMarq Secures $103.8MM Pre-stabilized Construction Financing via Fannie Mae for San Carlos Multifamily Property

NorthMarq Capitals, San Francisco, San Carlos, Prometheus, Legacy Partners, Fannie Mae, CalTrain, Silicon Valley, Oracle, Electronic Arts, Visa

SAN FRANCISCO (February 6, 2019) – Nathan Prouty, senior vice president/managing director, Andrew Slaton, vice president and Briana Harney, vice president in NorthMarq Capital’s San Francisco office arranged the $103,778,000 pre-stabilized construction take-out financing for Trestle Apartments, a transit-oriented multifamily/mixed-use property consisting of 202 units and 25,898 sq. ft. of commercial space located at 333 El Camino Real in San Carlos, California. The fixed-rate transaction was structured with a 10-year interest-only term. NorthMarq arranged financing for the borrower, a joint venture between Prometheus and Legacy Partners, through its in-house Fannie Mae production team. 

Trestle features six residential buildings and two commercial buildings which flank the existing historic Depot of the San Carlos CalTrain station. With easy access to both CalTrain and the 101 Freeway, the location is convenient for households commuting either north to San Francisco or south to Silicon Valley, and is a short drive to major employers in the immediate area, including Oracle, Electronic Arts, and Visa HQ. Just one block away is San Carlos’s vibrant downtown area along Laurel Street, which is lined with popular restaurants, boutiques, and daily needs retail.

Apartment amenities include: stainless steel dishwasher, refrigerator, range and microwave; central air conditioning; patio/balcony; washer and dryer; wood-style flooring; keyless entry systems and Elfa closets, large windows, outdoor living space, LED lighting, NEST thermostats and EV charging stations. Community amenities include: Think Tank Conference Room; Rooftop deck with al fresco dining; controlled access; Wifi in common areas; outdoor pool and lounge area, reserved parking spaces, Hub by Amazon 24/7 Package Pickup and a fitness center.

“This was a complex transaction on a property with four of eight buildings still under construction, on a ground lease, with significant commercial space and the NorthMarq team was able to close in a very short time frame,” noted Eron Kosmowski, VP of Finance for Prometheus. “We appreciate what it took to pull this off and are very happy with the manner in how it got done. It was a real concerted effort by a group of creative and solution-oriented people to navigate an incredibly complex transaction with no shortage of moving parts.”

Prometheus Real Estate Group, Inc. 

is the largest private owner of multifamily properties in the San Francisco Bay Area, with a growing portfolio of more than 15,000 metropolitan-area apartments in the Bay Area, Seattle and Portland regions. Since its inception in 1965, Prometheus has specialized in the acquisition, development and management of high-quality residential and commercial properties throughout the western United States. Prometheus has a long history of award-winning approaches to development, management and general excellence. Its philosophy is centered on making the apartment experience more fun and interesting while providing a true sense of home. For more information, visit prometheusapartments.com. 

Legacy Partners 

is a leading vertically integrated real estate investment manager, owner and operator, with a comprehensive portfolio of commercial and residential assets in the western United States. Based on their significant background and a stable, committed team who live, work and specialize in their core markets, Legacy provides its investors, partners, tenants and residents with the depth of experience, speed of execution and transparency to create superior value. For more information, please visit www.legacypartners.com.

NorthMarq Capital

the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $53 billion. For more information, please visit www.northmarq.com.