January 17, 2017
Connect Silicon Valley is coming up! See the agenda and register today.
NorthMarq Capital arranged $103-million in refinancing for Madrone Apartments, a 272-unit multifamily property in Mountain View, CA on behalf of San Mateo-based Prometheus Real Estate Group. The transaction was structured with a 10-year term with 5-years of interest only, followed by a 30-year amortization schedule.
The Class A, fully modernized multifamily community is located at 111 North Rengstorff Ave. in the heart of Silicon Valley. Built in 1962, Madrone underwent extensive renovations in 2008 and 2014. The latest phase of renovations involved the demolition of 50 existing units and the addition of 134 new units, bringing the total number of units from 188 to 272.
NorthMarq Capital’s Jeffrey Weidell, Nathan Prouty and Andrew Slaton arranged the loan through a correspondent relationship with TH Real Estate, an operating division of TIAA Global Asset Management.
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