Office - Debt

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

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.