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

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.