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Newmark Realty Capital Secures $73.5M in California
Newmark Realty Capital, San Francisco, arranged $73.5 million in fixed-rate non-recourse loans for two California properties.
Working from the firm’s Los Anegles office, Newmark Principal George Mitsanas and Associate Doug Tisdale arranged $43.5 million in permanent financing for a 122,500-square-foot grocery-anchored neighborhood retail center in Woodland Hills. They placed the 10-year loan with one of Newmark’s correspondent life company lenders. It provides for interest-only payments during the first five years followed by a 30-year amortization.
Located adjacent to the Warner Center and anchored by a Ralphs grocery store, the property includes 101 Ventura Freeway visibility and several national and credit retail tenants.
Mitsanas and Tisdale also arranged $30 million for a 1.6-acre land parcel in Century City, Calif. The borrower has a triple-net ground lease with a large energy company that owns a 60,000-square-foot heating/cooling plant on the site that services high-rise office and residential towers in Century City.
Mitsanas arranged financing for this property for the Beverly Hills-based borrower once before. The 10-year fixed-rate, non-recourse financing provides for interest-only payments for the entire term. Newmark will service the loan.