NorthMarq Capital Secures $64M for Office, Industrial

NorthMarq Capital, Minneapolis, secured $63.9 million for office and industrial properties in three states.

In San Francisco, company President Jeffrey Weidell, Vice President Andrew Slaton and Investment Analyst Anika Comaroto arranged $20 million for 120,000-square-foot office property Sutter Plaza. A life insurance company provided the 20-year fixed-rate loan.

Sutter Plaza is one of the few non-medical office buildings in San Francisco’s Van Ness Corridor. The 12-story Class A building is nearly fully leased.

“Our client developed Sutter Plaza in the 1980s 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,” Slaton said, noting the client secured the long-term financing before the recent jump in the Treasury rate. “Our client was happy to lock the interest rate around four percent for twenty years in this rising rate environment,” he said.

NorthMarq Senior Vice President Keith Braddish also sourced $26.9 million in acquisition financing for Lithia Springs Distribution Center, a 618,000-square-foot industrial property in Lithia Springs, Ga. Bridge lender Latitude Management Real Estate Investors supplied a three-year loan with two one-year extension options. 

Braddish said the property is a currently vacant infill distribution and manufacturing facility in Lithia Springs’ Terminus West Business Park.

NorthMarq Senior Vice Presidents Ernest DesRochers and Charles Cotsalas arranged $17 million from a regional bank to refinance the Harvest Portfolio, a collection of three office properties containing a combined 140,000 square feet on Long Island, N.Y. That loan was structured with a five-year term.