NORTHMARQ ARRANGES $10M FOR MANSION GROVE APTS

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SANTA CLARA, CALIF. — NorthMarq Capital has arranged $10 million in supplemental mortgage financing for the 1,000-unit Mansion Apartments in Santa Clara. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the Prometheus-related entity through its correspondent relationships with Teachers Insurance and Annuity Association (TIAA) and Allstate Life Insurance Company jointly. This was the second supplemental loan on the property, according to Jeffrey Weidell, executive vice president and managing director of NorthMarq’s San Francisco office, who arranged the financing. The loan was obtained following the completion of 124 additional on-site units.

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