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Freddie Mac Provides $54 Million Loan For Alameda Point Redevelopers' Storehouse Lofts Refinancing

Property Image
FINANCED
$54,000,000
DB
Jason Szuminski

California

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Mixed-use
Financed 10/21/2025
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Property Image
FINANCED

Freddie Mac Provides $54 Million Loan For Alameda Point Redevelopers' Storehouse Lofts Refinancing

2350 Saratoga Street

See Similar Deals
Mixed-use
Financed 10/21/2025
DB
Jason Szuminski
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Mixed-use
Transaction Type:Loan

The asset involved in this transaction is a mixed-use property located at 2350 Saratoga Street in Alameda, California. It consists of 197 units and has been refinanced with a loan amount of $54,000,000. The property was formerly a military warehouse and has been converted into loft-style apartments along with retail and amenities, serving the Alameda market.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $54,000,000
  • Lender: Freddie Mac
  • Landlord: Alameda Point Redevelopers LLC
  • Loan Type: Refinance
  • Loan Terms: 10-year
  • Units: 197
  • Brokers: Dan Baker & Jason Szuminski - Northmarq

Northmarq arranged the refinancing of the property for Alameda Point Redevelopers LLC, with the loan specifically aimed at replacing the existing construction debt. The financing solution is structured to cater to the property's operational needs post-conversion into residential and commercial spaces.

Players

DB
NorthMarq
Dan Baker
1 deal$54M volume(415) 433-8845
BROKER
Jason Szuminski
NorthMarq
Jason Szuminski
1 deal$54M volume(415) 570-2023
BROKER
NorthMarq
NorthMarq
BROKERAGE
Freddie Mac
Freddie Mac
LENDER

Details

FINANCED
IMAGE: Jason Szuminsk DATE: 10/21/2025 ADDRESS: 2350 Saratoga Street MARKET: Alameda ASSET TYPE: Mixed-use ~ UNITS: 197 LENDER: Freddie Mac (@FreddieMacCorp) LANDLORD: Alameda Point Redevelopers LLC BROKERS: Dan Baker & Jason Szuminski - Northmarq (@NorthMarq) LOAN AMOUNT: $54,000,000 LOAN TYPE: Refinance LOAN TERMS: 10-year NOTE: Northmarq arranged a $54 million Freddie Mac loan for Alameda Point Redevelopers LLC to refinance the 197-unit Storehouse Lofts at 2350 Saratoga St. in Alameda, California. The 10-year loan replaces the property’s construction debt on the former military warehouse converted into loft-style apartments with retail and amenities.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$54,000,000.00

Monthly NOI$360,000.00
Monthly Debt Service$341,316.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00