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NorthMarq Capital arranged the $103M refinancing of Madrone Apartments in Mountain View for borrower Prometheus Real Estate Group. The transaction structured a 10-year term with five years interest-only followed by a 30-year amortization schedule. NorthMarq arranged the refi through its corresponding relationship with TH Real Estate.
The 272-unit Class-A complex at 111 North Rengstorff Ave was built in 1962 and went through renovations in 2008 and 2014. The most recent renovations led to the demolition of 50 units and the addition of 134 units, expanding from 188 to the current 272 units. Renovations modernized decks and patios, expanded the fitness center, upgraded the clubhouse and enhanced landscaping.
Amenities include high-speed internet access, a heated pool with an oversized deck and a separate spa, a fitness center, reserved parking, picnic and barbecue areas, a modernized clubhouse with fireplace and kitchen facilities, and a TZ Parcel Locker system. The complex is near the Googleplex, Downtown Mountain View, Mountain View Caltrain Station, San Antonio Caltrain Station and The Village at San Antoni Center.
NorthMarq Capital president Jeffery Weidell, managing director Nathan Prouty and VP Andrew Slaton in the San Francisco office arranged the refinancing.
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