In the News 3/ 15/ 2023

Northmarq transactions highlighted in NAIOP 9th Annual Best of the Bay Awards

Northmarq’s successful closing of 1900 Broadway was awarded “Most Creative Financing Transaction.”

SAN FRANCISCO, CALIFORNIA (March 15, 2023) – NAIOP’s 9th Annual Best of Bay Awards was recently held at the Four Seasons Hotel in San Francisco, California on March 2, 2023. Two transactions closed by Northmarq were recognized during the ceremony. 1900 Broadway, located in Oakland, California, was nominated and selected as the winner of “Most Creative Financing Transaction.” The 452-unit Class A+ mixed-use development is being led by Behring Companies. John Kerslake, senior vice president/managing director, and Briana Harney, vice president of Northmarq’s San Francisco debt/equity team, secured a construction loan and preferred equity for the property..

1900 BroadwayMost Creative Financing Transaction of the Year

Briana Harney (Left) and Dennis Williams, senior vice president/managing director (right) with the trophy for “Most Creative Financing Transaction of the Year.”
  • 39 story tower with 452 units and 57,000 RSF office; + $348 million
  • Directly Above 19th Street BART in Uptown Oakland
  • 8 tranches of capital including: GP, Co-GP, LP, Preferred Equity, EB-5 Priority Capital, EB-5 Mezz, and Senior Construction Debt
  • $175 million senior construction loan
  • $85 million pref equity investment with EB-5 Bridge features
  • $100 million+ in EB-5 raised to-date by Behring Regional Center, available for investment into 1900 Broadway
  • Developer: Behring Companies
  • Investor: ZRT & Essex
  • Lender: Bank OZK

Bay West Group/Pacific Development’s The Launch at Alameda Marina received a nomination for “Multi-family Deal of the Year.” Kerslake and Harney also collaborated on this transaction, securing debt and joint venture equity for the development of the 368-unit waterfront multifamily community in Alameda, California.

L to R: Andrew Deaver, analyst, Briana Harney, and Dan Whelan, analyst.

Categories for awards included:

  • Office / Life Science Transaction of the Year
  • Office / Life Science Lease
  • Industrial Lease of the Year
  • Industrial Transaction of the Year
  • Multi-Family Deal of the Year
  • Most Creative Financing Transaction
  • Development of the Year
  • Developing Leader of the Year

Property image courtesy Behring Co, rendering by Neoscape. Award images courtesy of Olivia Smartt Photography.

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