Berkadia, a leading commercial real estate company, recently facilitated financing for Northpoint Apartments in San Francisco. The 514-unit midrise multifamily property was successfully refinanced by managing director Andy Ahlers of Berkadia’s San Francisco office on behalf of the borrower, NP Apartments LLC based in California. Fannie Mae provided a five-year loan totaling $67.225 million.
According to Ahlers, securing financing for this property was challenging due to ongoing interior renovations and resulting increased vacancy rates. However, Fannie Mae’s lending partners were able to see past these temporary issues and offer a creative loan structure that recognized the potential upside once renovations are completed.
Northpoint Apartments is located at 2211 Stockton St., offering studio, one-, and two-bedroom floor plans with private patios or balconies and dishwashers. Residents can enjoy community amenities such as two swimming pools, a fitness center,and laundry facilities while also having easy access to popular attractions like Fisherman’s Wharf,Lombard Street,and Chinatown as well as nearby shops and restaurants along Bay Street.
This successful transaction showcases Berkadia’s expertise in arranging complex financing deals for multifamily properties across various markets without compromising on quality or service standards.
