NorthMarq Capital arranged $5 million mortgage for U. S. Bank Building in Reno, Nevada
U. S. Bank Building
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
