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.