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9/08/15
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Prometheus Real Estate Group has obtained over $150 mil in refi money for The Markham Apartments, an 80-building, 504-unit complex in downtown Cupertino. The 10-year, full-term, interest-only loan was arranged by Andrew Behrens and Jesse Weber of CBRE’s San Francisco Capital Markets’ Debt & Structured Finance team, and provided by Fannie Mae.
Located at 20800 Homestead Rd, The Markham is situated within the Cupertino School District and is just minutes away from Apple, Infosystems, HP and Symantec. The Class A+, garden-style community—which is currently 97% occupied—has a clubhouse with a gourmet kitchen, community room with lounge, junior Olympic-sized pool, a hydrotherapy spa, private theater, business center with Wi-Fi, and fitness center. All units include GE® stainless steel appliances and private, oversized patios or balconies.
“The Markham is a unique asset in an extremely desirable location within Silicon Valley,” said Weber. “While it is a Class A+ property with extremely luxurious finishes and amenities, it serves the working-class community of Silicon Valley that work at the nearby technology companies because of the extremely high home prices in the area. The unique location and quality of this property, combined with the diverse tenant mix and community makeup, is a driving factor in why Fannie Mae felt comfortable providing the loan on the property at the terms offered.”
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