Dealmaker: Northmarq Structures $46M Multifamily Portfolio Refinance

Northmarq’s San Francisco office secured $46 million to refinance a three-property multifamily portfolio in Pleasanton, Calif.

Northmarq Managing Director Nathan Prouty and Senior Vice President Andrew Slaton arranged financing for E&S Ring Management Corp., Los Angeles, through Northmarq Fannie Mae Delegated Underwriting and Servicing program.  

The garden-style portfolio totals 274 units and includes swimming pools, barbeque and picnic areas, landscaped grounds and covered parking.

“Northmarq canvassed the full market across life companies, banks and agencies to secure our client an attractive 10-year fixed-rate loan with full-term interest-only,” Slaton said. “As a repeat borrower, E&S Ring was able to lock in a very competitive rate and take advantage of our Fannie Streamlined Early Rate Lock to mitigate interest rate risk in a volatile market.”

The properties included:
–Pleasanton Glen, a garden-style community built in 1972 and last renovated in 2005. Pleasanton Glen contains 171 units at 3955 Vineyard Avenue.

–Pleasanton Heights, a 52-unit garden-style apartment community at 3800 Vineyard Avenue. E&S Ring acquired the 1964-vintage property in 2011 and performed a major renovation. The unit mix includes 30 one-bedroom units and 22 two-bedroom units.

–Pleasanton Place, a 51-unit community built in 1972 and renovated in 2007 at 4408 Mohr Avenue. Historic downtown Pleasanton is a 10-minute walk away from Pleasanton Place.

Pleasanton is in eastern Alameda County, 33 miles east of San Francisco and 35 miles northeast of San Jose.