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.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
