Berkadia, a leading commercial real estate company, successfully arranged financing for Northpoint Apartments in San Francisco. The 514-unit midrise multifamily property was refinanced with $67.225 million through Fannie Mae by managing director Andy Ahlers of Berkadia’s San Francisco office on behalf of the borrower, California-based NP Apartments LLC.
According to Ahlers, securing financing for this property was challenging due to ongoing interior renovations and increased vacancy rates. However, Fannie Mae’s lending partners were able to see beyond 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. The community also features two swimming pools, a fitness center,and laundry facilities for residents’ convenience. Its prime location provides easy access to popular attractions such as Fisherman’s Wharf,Lombard Street,and Chinatown as well as various shops and restaurants along Bay Street.
This successful transaction showcases Berkadia’s expertise in arranging complex financing deals while providing exceptional service to its clients in the commercial real estate industry.
