Dealmaker: Northmarq Arranges $93M for San Francisco Office
Northmarq’s San Francisco office secured $93 million in construction financing for One De Haro in San Francisco.
The NorthMarq team, led by managing director Dennis Williams and vice president Briana Harney, arranged the financing through a life insurance company relationship on behalf of the Sponsor, SKS Partners of San Francisco. The financing was structured with a $56 million senior loan and $37 million of mezzanine funds. Both loans feature a full term interest-only fixed rate and are co-terminus.
“This was a complex transaction that required a like-minded capital provider to enable SKS to execute on the business plan,” Williams said.
Designed by Pfau Long Architecture, One De Haro is located at the intersection of San Francisco’s SOMA, Potrero Hill, and Showplace Square districts. The project is a four-story, 60-ft tall building consisting of two-thirds office and one-third light industrial uses totaling 133,427 square feet.
Once finished, the project will be the first Cross-Laminated Timber building in San Francisco and the first multi-story CLT building in California. Design plans include a rooftop deck amenity, lockers and showers, bike parking and five loading docks. The surrounding area is well-amenitized for tenants, featuring numerous eateries, quick access to mass transit and freeways and nearby residential developments.
In a separate deal, NorthMarq’s Boston office arranged $3.7 million construction loan for Andrew Street Apartments in Lynn, Mass.
Jeffrey Munoz, vice president of NorthMarq’s Boston-based regional office, secured the construction loan for Andrew Street Apartments, a 32-unit class A- multifamily property located at 38-44 Andrew Street. The transaction features with a 25-year term on a 25-year amortization schedule with interest-only payments throughout the construction period.
NorthMarq arranged financing for the borrower through its relationship with a local bank. The property is in downtown Lynn and will help support the influx of new residents to the area, three blocks away from the train station for Boston commuters.
In a third transaction, NorthMarq’s Cincinnati office arranged a $1.824 million refinance of Pumpkin Patch Apartments in Newark, Ohio. Noah Juran, senior vice president of NorthMarq’s Cincinnati-based regional office secured the financing.
Pumpkin Patch Apartments is a 52-unit multifamily property located at 879 Empire Drive in Newark. The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac.
