NorthMarq arranges $7 million in financing for newly renovated office building in downtown Oakland

1441 Franklin Street
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OAKLAND, CALIFORNIA (July 2, 2019) – Tom Wight, Vice President of NorthMarq’s San Francisco regional office, arranged $7 million in non-recourse senior debt to refinance 1441 Franklin Street, a 20,753 sq. ft. creative office building in downtown Oakland. The competitively priced floating-rate loan was structured with a three year initial term plus extension options, providing the sponsor ample time to complete lease-up of the property.

“The quality and quantity of competitive quotes we received is a testament to the improved sentiment toward the Oakland market,” said Wight.

The sponsor, Citrine Advisors, renovated this 1925-vintage building with new HVAC, roof, electrical, plumbing, lighting, bathrooms, private offices, lobby, and elevator. The 4,500 - 5,000 sq. ft. floorplans appeal to local technology startups and financial service businesses seeking plug-and-play creative office space. The building is ideally located on the same block as the entrance to the City Center Bart station.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.