Northmarq Completes Refi of Cupertino Office Asset

Northmarq worked with Allianz to provide the $148 million refinance.

Cupertino, Calif.Northmarq Capital recently completed the successful refinance of a California office asset on behalf of owner Prometheus Real Estate Group. Cupertino City Center received $148 million sourced by Northmarq through its correspondent relationship with Allianz Real Estate of America on behalf of Allianz Life Insurance Co.

The Northmarq team tasked with arranging the refinance consisted of President Jeffrey Weidell, Managing Director Nathan Prouty and Vice President Andrew Slaton. The team structured the transaction with a 10-year term and 30-year amortization schedule.

Cupertino City Center

Cupertino City Center

Located at 20400 and 20450 Stevens Creek Blvd., Cupertino City Center offers a total of 354,770 square feet of office space. Built in the 1980’s, the two eight-story buildings continue to be the tallest in the Cupertino market, with a tenant roster that includes Seagate Technology, Apple and Morgan Stanley. The office buildings were originally part of the Cupertino City Center mixed-use development that consists of five office buildings, a hotel and three residential projects.

According to Andrew Slaton, “these buildings have been well occupied since they were built.” This historic aspect allowed Allianz to provide competitive terms for the refinancing process, Slaton also pointed out.

Image via Google Street View