SAN FRANCISCO (May 23, 2013) – Dennis Sidbury, senior director of NorthMarq’s San Francisco-based regional office, and in cooperation with Thomas J. Powell of NorthMarq’s Las Vegas regional office (Nevada License: 48816) arranged acquisition financing of $5 million for the U. S. Bank Building, a 83,000 sq. ft. office building located at One East Liberty Street in Reno, Nevada. This acquisition was an off-market transaction that resulted from the borrower’s strong relationship with the seller. The purchase and sale allowed both parties to accomplish their respective goals. Financing was based on a 4-year interest-only term and arranged by NorthMarq through its relationship with a bridge lender.
“The lender provided a loan that not only enabled our client to acquire the asset, but also provided a good news funding facility to cover 100% of the costs associated with leasing up the building,” Sidbury said. “All parties involved in the financing worked together during due diligence to resolve the issues and the result is a solid, flexible loan that provides the time necessary to stabilize the property.”