SAN FRANCISCO (June 4, 2018) – Jeffrey Weidell, president, Andrew Slaton, vice president, and Anika Comaroto, investment analyst, of NorthMarq Capital’s San Francisco regional office, arranged the $20 million loan for Sutter Plaza, a 120,173 SF office property located at 1388 Sutter Street in San Francisco, California. The transaction was structured with a fixed-rate and 20-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrowing entity through a correspondent life insurance company relationship.
Sutter Plaza is one of the few non-medical office buildings in San Francisco’s Van Ness Corridor. The 12-story Class “A” office building encompasses over 120,000 square feet and is nearly fully leased to a roster of tenants from different industries and offers on-site parking and is conveniently located near restaurants and retail, City Hall, and popular residential neighborhoods.
“Our client developed Sutter Plaza in the 1980’s and their pride of ownership shows as the property has been impeccably maintained and well-leased with many tenants going back more than a decade. We canvased the market to tailor the best deal to meet the client’s hot buttons and fix a long-term rate – luckily, we were able to do so before the recent jump in treasuries. Our client was happy to lock the interest rate around four percent for twenty years in this rising rate environment,” said Slaton. “This particular lender is one of NorthMarq’s top lenders year in and year out, and we look forward to servicing the loan on their behalf. At the end of the day, we had a great deal of interest and it came down to most competitive pricing on this moderately leveraged request.”
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the country, provides debt, equity and commercial loan servicing through offices across the U.S. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company services a loan portfolio of more than $52 billion and has over 300 loan origination experts in regional offices coast-to-coast. For more information please visit www.northmarq.com.