Northmarq announces $13 million acquisition financing on 189,000-sq.-ft. industrial property in Fairfield, CA
SAN FRANCISCO (Jan. 2, 2024) — Northmarq’s San Francisco Debt + Equity team arranged $13 million in financing on behalf of REDCO Development and Blackbird Investment Group for the acquisition sale leaseback of an industrial property in Fairfield, California. The Northmarq team was led by Senior Vice President Andrew Slaton with support from Dan Whelan and Soraya Rios and secured a 3-year, 65% loan-to-value, non-recourse, fixed rate loan with two years of interest only and flexible prepay. The loan was provided by a Northmarq correspondent life company.
“We were able to facilitate the acquisition of this asset with a loan from one of our trusted life company lenders who was able to provide competitive pricing, with flexible rate lock during a volatile rate environment and a streamlined closing process in order to close the deal before year end,” said Slaton. “We are excited to have started this new borrower/lender relationship and look forward to seeing this relationship grow with future deals.”
The 189,000-sq.-ft. industrial building was sold by Clorox in a sale leaseback for $19.75 million, or approximately $104 per square foot. The building is well-situated in the East Bay with access to Interstates 80, 12, 680 and 5 and is located next to Clorox’s main bleach production plant.
REDCO Development is a third-generation real estate development company focused on the adaptive re-use and repositioning of commercial properties. REDCO concentrates primarily on value-add, infill opportunities and opportunistic development along the West Coast.
Meet our team
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
