Northmarq Closes $105M Refinancing of 272-Unit Madrone Apartments in Mountain View

Northmarq has arranged a $105 million refinancing for Madrone Apartments, a 272-unit community located at 111 N. Rengstorff Avenue in Mountain View, roughly 35 miles south of San Francisco. Nathan Prouty and Andrew Slaton of Northmarq handled the transaction on behalf of Prometheus Real Estate Group, the property owner.

New York Life supplied the financing, a five-year, full-term interest-only loan. The proceeds replace approximately $90 million in existing debt that Northmarq had originally arranged in 2016.

Prometheus intends to develop eight accessory dwelling units at the site after the loan closes, a detail that links the refinancing to a planned expansion of the property's housing supply.

For developers and lenders, the deal shows that a stabilized Bay Area multifamily asset can still attract long-term, fixed-structure debt, and that owners may pair refinancing with incremental ADU development on existing parcels.