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11/20/19
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JB Matteson Inc has refinanced three assets with new financing of $66.5 mil in permanent non-recourse debt. The financing consisted of three separate loans, each with a 10-year fixed interest rate and full-term interest-only payment schedule.
The financing was arranged by NorthMarq’s Dennis Williams, Tom Wight, Anika Sachse, Griff Whitlock and Soraya Rios, and funded by a correspondent life insurance company that closed all three loans concurrently within an accelerated time frame. NorthMarq will stay involved as the loan servicer on behalf of the lender through maturity.
The three assets involved in the transaction include:
• Rafael Town Center - a Class A, mixed-use property in downtown San Rafael, CA. The property boasts 113 residential units, 42k sf of office space, and 20k sf of retail space. Amenities include a large private courtyard with fire pit, a communal conference room and offices, and a fitness center.
• Theatre Square Apartments - a mixed-used property in the heart of the Theatre District of Petaluma, CA. The Class A property comprises 99 residential units and 22k sf of commercial space.
• Langara Apartments - a multifamily community in the Seattle suburb of Issaquah, WA. The property consists of 134 residential units.
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