Northmarq’s San Diego office arranges $7M in acquisition financing for Sutter Square

Northmarq’s San Diego Debt + Equity team led by Conor Freeman, Aaron Beck and Wyatt Campbell successfully arranged a $7 million acquisition loan for Sutter Square, a 170,000-sq.-ft. Class A office building in Northern California. 

Northmarq arranged the floating rate bridge loan through a correspondent relationship with a life insurance company. The transaction closed in just 43 days and was structured as a three-year loan priced at SOFR + 325, with no prepayment penalty after the first 18 months.

At the time of closing, Sutter Square was 53% occupied, presenting meaningful upside for the borrower through lease-up and operational improvements. The property features large floor plates, ample parking, and strong visibility along Concord’s main commercial corridor, positioning it well to capture tenant demand. Acquired at a compelling basis well below replacement cost, the asset offers significant value creation potential.

“Leveraging our relationship with a trusted correspondent life insurance lender allowed us to move quickly and structure flexible, accretive financing despite the property’s transitional status,” Freeman said. 

The successful closing underscores Northmarq’s ability to deliver customized solutions and certainty of execution, even in today’s challenging office market.