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Wednesday, November 11, 2026Commercial real estate news

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RATE WATCHDaily benchmarks 10-year Treasury4.98%+10 bpAs of Nov 10 5-year Treasury4.81%+14 bpAs of Nov 10 SOFR3.88%-1 bpAs of Nov 9 Effective Fed funds3.88%UnchangedAs of Nov 9

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Multifamily refinancing / NEWS

Northmarq Arranges $105 Million Refinancing for Madrone Apartments

New York Life provided five-year, interest-only financing for the Mountain View community, where Prometheus plans eight accessory dwelling units.

Maya BennettCapital MarketsNovember 11, 2026 · 2 min read

Financing and development plans

Northmarq arranged a $105 million refinancing for Madrone Apartments, a 272-unit community at 111 N. Rengstorff Ave. in Mountain View, California, REBusinessOnline reported Nov. 11. The financing was arranged on behalf of Prometheus Real Estate Group, with New York Life providing the loan. Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley - REBusinessOnline

The new loan has a five-year term and calls for interest-only payments throughout that period, according to the report. It refinances approximately $90 million in existing debt. Northmarq also arranged that earlier debt, in 2016; Nathan Prouty and Andrew Slaton of Northmarq handled the new financing for Prometheus. Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley - REBusinessOnline

The proceeds are also intended to help fund eight accessory dwelling units at the property. Prometheus plans to develop them after the loan closes, REBusinessOnline reported. The units are a plan, not completed additions to the community, and the report does not provide a construction schedule or an estimated development cost. Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley - REBusinessOnline

Although the publication says Prometheus secured the loan and identifies New York Life as its provider, it does not explicitly establish that the refinancing has closed or give a closing date. Its Nov. 11 date is the publication date. The report also does not disclose the interest rate or specify how much of the loan will be used for the planned units. Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley - REBusinessOnline

refinancing multifamily accessory dwelling units