February 8, 2019
Trestle Apartments, a transit-oriented mixed-use multifamily property consisting of 202 units and 25,898 square feet of commercial space in San Carlos, CA, received $103.8 million in pre-stabilized construction take-out financing. The borrower was a joint venture between San Mateo, CA-based Prometheus and Foster City, CA-based Legacy Partners.
Located at 333 El Camino Real, the under-development property features six residential buildings and two commercial buildings, which flank the existing historic Depot of the San Carlos CalTrain station.
NorthMarq Capital’s Nathan Prouty, Andrew Slaton and Briana Harney arranged the financing through its in-house Fannie Mae production team. The fixed-rate transaction was structured with a 10-year interest-only term.
Prometheus’ Eron Kosmowski says, “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.”
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