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

1441 Franklin Street

Debt & Equity

Multi-Tenant

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.

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About Northmarq

Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.