NorthMarq Capital Arranges $72M for Renaissance Square
The Legacy-SyRES undertaking is one of a number of apartment properties under construction in the busy Bay Area submarket.
By Dees Stribling
Concord, Calif.—Legacy Partners and SyRES Properties have obtained $72 million in financing for an apartment property expansion they have underway in Concord, Calif. The 134-unit existing multifamily property is considered phase I of Renaissance Square, with 180 additional units as phase II.
Jeffrey Weidell, president, and Nathan Prouty, managing director of NorthMarq Capital’s San Francisco office, arranged acquisition and construction financing for the two phases. The transaction was structured with a 15-year term and three years interest only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
Foster City, Calif-based Legacy Partners and San Rafael-based SyRES Properties paid $59.5 million for the property at 1825 Galindo St. this summer, and $4.5 million for the land. The investors bought the property from Monogram Residential Trust.
According to Yardi Systems Inc., the site has been permitted for a third phase that would also include 180 units. As yet, that phase, which would share most of the features of the two earlier phases, remains in the planning stages.
The location is a busy part of the Bay Area for apartment construction. Within a five-mile radius of Renaissance Square, a number of other multifamily projects are now underway, according to Yardi, including the 230-unit Concord Village, the 200-unit Pleasant Hill Station and the 171-unit Willow Pass Road.