San Francisco-Area Project Gets $104M in Financing
- Feb 08, 2019
Prometheus and Legacy Partners have received $103.7 million in construction financing for the joint venture’s Trestle Apartments in San Carlos, Calif. The 202-unit mixed-use property also includes 25,898 square feet of commercial space.
The fixed-rate transaction was structured with a 10-year interest-only term. NorthMarq arranged the financing for the partnership through its in-house Fannie Mae production team.
Trestle comprises six residential buildings and two commercial buildings next to the historic depot of the San Carlos CalTrain station. The transit-oriented development provides easy access to CalTrain and the 101 Freeway and is located at 333 El Camino Real, about 24 miles from downtown San Francisco.
The property is also a short drive to major employers in the area, including Oracle, Electronic Arts and Visa. San Carlos’ downtown area, with a variety of dining and retail options, is located one block from Trestle Apartments.
Unit features include stainless steel appliances, central air conditioning, balconies, washers and dryers, wood-style flooring, keyless entry systems, NEST thermostats and EV charging stations. Community amenities include a conference room, rooftop deck, controlled access, Wi-Fi, a swimming pool, reserved parking spaces, a fitness center and Hub by Amazon 24/7 Package Pickup.
“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,” said Eron Kosmowski, vice president of finance for Prometheus, in prepared remarks.
Last month, Northmarq arranged $26 million in financing for a joint venture of Harbert Management Corp. and a local investor, in the partnership’s acquisition of an 88-unit community in Buena Park, Calif.
Image courtesy of NorthMarq Capital