Regions West | San Francisco
Oct 2, 2007
By: Tonie Auer, Southwest Correspondent
An affiliate of San Mateo-Calif.-based Prometheus Real Estate Group arranged a $95 million mortgage to buy out a partner for Cupertino City Center office Buildings 3 and 4 in Cupertino, Calif.
The first mortgage financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, a Prometheus affiliate, by NorthMarq Capital Inc. through its correspondent relationship with Allianz, according to Jeffrey Weidell, executive vice president & managing director of NorthMarq’s San Francisco regional office. This financing accommodated a TIC structure for a partner buy-out, according to Weidell.
Cupertino City Center (pictured) is a $500 million community spanning 26 acres in downtown Cupertino. The master plan and design of the first four office buildings was created by the architectural firm of Hellmuth, Obata & Kassabaum, also known for the award-winning George Moscone Convention Center and Levi Plaza, both in San Francisco.
Located within the heart of Silicon Valley, Cupertino City Center is the cornerstone of a $200 million master-planned community encompassing 26 acres of downtown Cupertino. Surrounding the two-building Class A office complex are more than 375 luxury residential units and the 224 room Kimpton-owned Cypress Hotel. The project also includes a one-acre park, a private swimming pool complex and an amphitheatre.
Prometheus added a Palo Alto apartment property to its portfolio in early August. In the second quarter, the firm added three apartment properties and sold three apartment complexes and added an office property, all since the first of May.
Prometheus is a privately held firm specializing in the acquisition, development and management of residential and commercial properties throughout the western United States. Prometheus is the largest private owner of multi-family properties in the San Francisco Bay Area.
NorthMarq Capital is a national real estate investment banker headquartered Minneapolis providing commercial real estate debt and equity financing and commercial loan servicing. The firm provides more than $13 billion in annual production volume and services a loan portfolio of more than $34 billion.
By: Tonie Auer, Southwest Correspondent
An affiliate of San Mateo-Calif.-based Prometheus Real Estate Group arranged a $95 million mortgage to buy out a partner for Cupertino City Center office Buildings 3 and 4 in Cupertino, Calif.The first mortgage financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, a Prometheus affiliate, by NorthMarq Capital Inc. through its correspondent relationship with Allianz, according to Jeffrey Weidell, executive vice president & managing director of NorthMarq’s San Francisco regional office. This financing accommodated a TIC structure for a partner buy-out, according to Weidell.
Cupertino City Center (pictured) is a $500 million community spanning 26 acres in downtown Cupertino. The master plan and design of the first four office buildings was created by the architectural firm of Hellmuth, Obata & Kassabaum, also known for the award-winning George Moscone Convention Center and Levi Plaza, both in San Francisco.
Located within the heart of Silicon Valley, Cupertino City Center is the cornerstone of a $200 million master-planned community encompassing 26 acres of downtown Cupertino. Surrounding the two-building Class A office complex are more than 375 luxury residential units and the 224 room Kimpton-owned Cypress Hotel. The project also includes a one-acre park, a private swimming pool complex and an amphitheatre.
Prometheus added a Palo Alto apartment property to its portfolio in early August. In the second quarter, the firm added three apartment properties and sold three apartment complexes and added an office property, all since the first of May.
Prometheus is a privately held firm specializing in the acquisition, development and management of residential and commercial properties throughout the western United States. Prometheus is the largest private owner of multi-family properties in the San Francisco Bay Area.
NorthMarq Capital is a national real estate investment banker headquartered Minneapolis providing commercial real estate debt and equity financing and commercial loan servicing. The firm provides more than $13 billion in annual production volume and services a loan portfolio of more than $34 billion.
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