Dealmaker: Newmark Secures $49M for Mixed-Use, Industrial Assets

Newmark, San Francisco, secured $48.5 million in permanent financing for mixed-use and industrial assets in Washington and Arizona.

In Washington, Newmark arranged a 14-year, $42 million loan for the Village at Sammamish Town Center. The newly completed development is a ground-up mixed-use property on the Sammamish Plateau near Seattle. The multi-level design includes a 37,000-square-foot medical office space, a 35,000-square-foot Metropolitan Market grocery store and 35,000 square feet of other retail space.

The Village at Sammamish Town Center represents the only new commercial development on the plateau in more than 20 years.

Principal Michael Taylor, Vice President Skip Slavin and Associate Patrick Taylor arranged the non-recourse financing, which Newmark will service.

“This was a refinance of a construction loan which we placed for the borrower,” Michael Taylor said. He noted lenders have a “healthy appetite” for allocations to Seattle-area commercial real estate assets.

Newmark Principal Adam Parker and Associate Vice President Chad Metzger also arranged $6.5 million for a 57,800-square-foot flex building in Phoenix. The property, recently rehabbed and fully occupied at closing, is close to both the Deer Valley Airport and Honeywell Aerospace’s headquarters.

Parker said the life insurance company execution offered the borrower more loan proceeds and a lower interest rate fixed for a longer time than their retired bank loan. The new loan also included a partial recourse obligation in comparison to the bank’s full recourse obligation.