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.”
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.
