Dealmaker: NorthMarq Capital Secures $168M in California, New York

NorthMarq Capital, Minneapolis, secured $167.8 million for three multifamily and retail properties in California and New York.

In Mountain View, Calif., NorthMarq President Jeffrey Weidell, Managing Director Nathan Prouty and Vice President Andrew Slaton arranged $103 million to refinance Madrone Apartments. 

Built in 1962, Madrone Apartments received extensive renovations in 2008 and 2014. The latest renovations involved demolishing 50 existing units and adding 134 new units to increase the total from 188 to 272. 

TIAA subsidiary TH Real Estate, London, supplied the 10-year financing to borrower Prometheus Real Estate Group, San Mateo, Calif.

In San Diego, NorthMarq arranged $17.3 million in acquisition financing for Loft2015 Apartments, an 85-unit property. Executive Vice President/Managing Director Michael Elmore and Senior Vice President/Senior Director David Blum structured a 10-year loan with five years of interest-only payments followed by a 30-year amortization schedule through NorthMarq’s Fannie Mae platform.

“This was a high-quality newer asset located in North Little Italy,” Blum said. “The buyer is an affiliate of James Investment Partners, a privately held investment platform with multifamily holdings throughout California.”

NorthMarq’s New York City office secured $47.5 million to refinance a Macy’s store in Flushing, N.Y. Senior Vice President Ernest DesRochers and Investment Analyst Matthew Buttram arranged 25-year life company financing for the 250,000-square-foot store at 136-32 Roosevelt Avenue.

“The loan is secured by a 99-year ground lease to a very well capitalized tenant,” DesRochers said. “The loan features both interest-only and amortization periods, allowing the borrower to maximize cash-flow.”

Macy’s announced last week that it will close 68 stores in early 2017, but this store is not included in the retailer’s closure list.