NorthMarq’s Seattle office arranges $1.5 million supplemental financing of office property in Albany, Oregon
SEATTLE, WASHINGTON (February 1, 2021) – Bob Spiro, senior vice president/managing director and Scott Moline, vice president of NorthMarq’s Seattle office finalized the $1.5 million in supplemental financing for Albany Office Building. The 53,278 sq. ft. property is located at 118 2nd Avenue SE in Albany, Oregon. The transaction was structured with an 11-year fully-amortizing term. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
The State of Oregon DHS was the previous occupant of roughly 50 percent of the space, and now will occupy 100 percent of the building. The additional advance reimbursed the borrower for the costs associated with capital improvements and the building-out of additional space for the State of Oregon DHS.
“We were able to secure an additional advance for the borrower that was coterminous with the existing senior loan with minimal closing costs and a 30-day close,” said Spiro.
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.
