Northmarq Arranges $145M Refinancing For Cupertino Office Towers: The Bay Area Deal Sheet
Northmarq’s San Francisco-based debt and equity team arranged $145M in refinancing for The Towers at Cupertino City Center.
The two-building Class-A office campus at 20400 and 20450 Stevens Creek Blvd. is owned by Prometheus Real Estate Group and spans 357K SF on 3.25 acres. Built in 1989, The Towers at Cupertino City Center were renovated in 2022, which helped draw interest from a range of institutional lenders, Northmarq said.
Northmarq’s Nathan Prouty, Andrew Slaton and John Holt arranged the financing.
“While the office capital markets remain selective, this transaction demonstrated that lenders will engage for assets with strong fundamentals and a compelling business plan,” Prouty said in a statement. “Recent capital investment, durable tenancy, and prime Silicon Valley positioning were key drivers of lender interest.”
FINANCING
Sonnenblick-Eichner Co. arranged a $26M first mortgage refinance loan for the Residence Inn by Marriott in Walnut Creek. The five-year, nonrecourse, fixed-rate loan is interest-only for the length of the loan. The financing replaces an interim bridge loan that Sonnenblick-Eichner had arranged for the 160-room hotel in the heart of Walnut Creek’s downtown district.
PEOPLE
CBRE promoted Mike Taquino and Kyle Kovac to lead the brokerage’s Bay Area office capital markets division. Taquino and Kovac will guide capital markets growth and continue to advise institutional investors, developers and owners about disposition of assets throughout the Bay Area.
The duo joined CBRE’s San Francisco office in 2018 and have advised clients on deals exceeding $30B in asset value during the past two decades.
CBRE also promoted Steffen Kammerer to executive managing director to lead the firm’s advisory services in Northern California and Reno. Kammerer joined CBRE’s San Jose office in 2023 and succeeds Joe Wallace, who held the role for nearly a decade.
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TMG Partners hired Nicole Diggs as managing director in asset management and named Parker Larson and Russell Cooper as partners.
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Newmark added Bay Area market veteran Adam Berry to its western region multifamily investment sales team as vice chair. Berry will work out of Newmark’s San Francisco office and focus on properties through the Bay Area and Northern California.
LEASING
PODS Enterprises leased 104K SF of industrial space at 1959 Montgomery Road in San Jose. Brian Matteoni of CBRE’s national industrial logistics team and industrial broker Ian Halker represented the landlord.
SALES
CBRE’s Adam Foley and Ben Mollahan represented the sellers in the disposition of dual 10-unit multifamily properties in Belmont for $8.5M.
The apartments at 620 Masonic Way were owned by Pellegrini Apartments LLC and sold for $3.6M. The units at 630 Masonic Way were owned by GRI Inc. and traded hands for $4.9M. Masonic LLC was the buyer in both transactions.
