OAKLAND, CALIFORNIA (June 28, 2019) – Tom Wight, Vice President of NorthMarq’s San Francisco regional office, arranged $7 million in non-recourse senior debt to refinance 1441 Franklin Street, a 20,753 sq. ft. creative office building in downtown Oakland. The competitively priced floating-rate loan was structured with a three year initial term plus extension options, providing the sponsor ample time to complete lease-up of the property.
“The quality and quantity of competitive quotes we received is a testament to the improved sentiment toward the Oakland market,” said Wight.
The sponsor, Citrine Advisors, renovated this 1925-vintage building with new HVAC, roof, electrical, plumbing, lighting, bathrooms, private offices, lobby, and elevator. The 4,500 – 5,000 sq. ft. floorplans appeal to local technology startups and financial service businesses seeking plug-and-play creative office space. The building is ideally located on the same block as the entrance to the City Center Bart station.
About Citrine Advisors
Citrine Advisors is a commercial real estate firm that both consults and invests alongside its clients in select urban markets on the West Coast. Their team has experience brokering, developing, owning and operating real estate across all major product types – apartments, office, retail and industrial. Their current investment portfolio is concentrated in the Bay Area and Portland.
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 $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.
