SAN FRANCISCO (January 11, 2018) – Dennis Sidbury, senior vice president/senior director of NorthMarq Capital’s San Francisco regional office, negotiated the $56 million acquisition financing of a 209-unit multifamily property located in Mercer Island, Washington. The recently developed apartment complex features first class amenities in a highly affluent community.
This financing was for a 20-year term on a 30-year amortization schedule, including two years interest-only. NorthMarq arranged financing from the lender, Aegon USA Realty Advisors, for the borrower, SyHadley, LLC (a single purpose entity controlled by SyRES Properties, LLC).
“This is a newly developed property in an incredibly supply constrained submarket,” noted Sidbury. “The property is approaching stabilization but based on the repeat relationship between borrower and lender, we were able to develop a creative structure that worked for all parties for this long term financing.”
About SyRes Properties (Owner of SyHadley)
SyRes Properties is a real estate investment management firm focused on the acquisition, development and asset management of institutional quality multifamily residential properties. Their development pipeline and acquisition prospects are concentrated in the coastal cities of the western United States. With approximately 1,000 units under ownership and a pipeline of over 1,000 units in various stages of development, they are well positioned to take advantage of positive market conditions in high-barrier to entry markets of California,
Oregon and Washington. SyRES Properties’ strong financial backing, experienced management team, and focused real estate strategy allow the company to execute on investment opportunities more quickly and decidedly than many competitors. Since its inception in 2014, SyRES Properties has invested more than $300 million in residential real estate transactions.
About Aegon USA Realty Advisors,LLC (AURA)
AURA is a fully integrated real estate asset manager that has provided real estate investment services to institutional clients for more than three decades. AURA provides real estate asset management and advisory services – including tax credit investments, commercial mortgage loans, affordable housing debt, and various other private equity and debt products – to affiliate and unaffiliated institutional clients. AURA has established a distinguished reputation in the real estate industry for its diverse real estate expertise and strong investment performance. AURA is a part of Aegon Asset Management, which is an international asset management organization based in The Hague, with offices across North America, Europe and Asia. For more information, visit aegonrealty.com.
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 37 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.