Alameda Adaptive Reuse Lands Refi via Freddie Mac
Northmarq’s San Francisco Debt + Equity team, led by Dan Baker and Jason Szuminski, arranged $54 million in financing for Storehouse Lofts, a 197-unit residential mixed-use property located at 2350 Saratoga St. in Alameda. The transaction refinances the original construction loan for the property, which is more than 95% leased and includes 187,466 square feet of total space.
Baker and Szuminski facilitated the deal on behalf of Alameda Point Redevelopers LLC, leveraging Northmarq’s correspondent relationship with Freddie Mac to structure a 10-year fixed-rate loan.
“This refinance marks a significant milestone for Storehouse Lofts and reflects the strength of both the borrower’s vision and the property’s performance in the market,” said Szuminski. “With over 95% occupancy and recognition from CoStar for Redevelopment of the Year, the project stands out as a successful example of adaptive reuse.”
Storehouse Lofts transformed a former military warehouse into a modern live/work community. Each unit is loft-style with open floorplans and high ceilings.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout