Office - Debt

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. 

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 $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.