NorthMarq arranges $5.8 million in financing for historic office renovation near Lake Merritt BART Station

251 8th Street

Debt & Equity

Multi-Tenant

SAN FRANCISCO, CALIFORNIA (January 23, 2020) – Tom Wight, vice president of NorthMarq’s San Francisco regional office, arranged a $5.8 million bridge loan to complete the renovations at historic 251 8th Street, a 16,500 sq. ft. creative office building over ground-floor retail in downtown Oakland. The competitively priced floating-rate loan was structured with a two-year interest only initial term plus an extension option, providing the client ample time to complete final renovations and lease-up of the property.

“We are excited to complete this project, which we believe will be something the neighborhood can be proud of. Situated just a few blocks from the Lake Merritt BART Station, we will be offering ‘best-in-class’ creative office space at almost $1/ sq. ft. cheaper than the Downtown core on a monthly basis,” said Jerry Smith of Citrine Advisors.

The client, Citrine Advisors, renovated this 1925-vintage building with a voluntary seismic upgrade, new HVAC, roof, electrical, plumbing, and elevator. The 5,500 sq. ft. floorplans appeal to local technology startups and financial service businesses seeking plug-and-play creative office space. The historic building boasts exposed brick walls, wood-framed/ bow truss ceilings, re-glazed original windows, and refinished original 100+ year old Douglas Fir floors. The building is ideally located a 5-minute walk from the Lake Merritt 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.