Newmark Secures $78M for Retail, Office Properties

Newmark, San Francisco, secured $77.8 million for retail and office assets in Colorado, California and Washington.

In Lakewood, Colo., Newmark Principal Mark Ritchie and Associate Jasmine Polson arranged $43.4 million in financing for a 285,000-square-foot shopping center anchored by King Soopers and sub-anchored by Ross, Petco, Old Navy and Michaels.

The 95 percent occupied property is in Lakewood’s “Main & Main” submarket where Interstate 25 meets U.S. Highway 34. More than 118,000 vehicles per day traverse the intersection.

A life insurance company supplied the 15-year loan with a 30-year amortization schedule. Newmark will service the loan. The long-term financing paid off an existing commercial mortgage-backed securities loan, covered transaction costs and recovered some borrower equity.

Newmark also secured $28 million in long-term fixed-rate, non-recourse financing for NorthPointe Shopping Center in Modesto, Calif. Anchored by Save Mart Supermarket and shadow-anchored by Costco and Lowe’s, the community shopping center totals 180,300 square feet.

Mitchell Zeemont, Principal in Newmark’s San Francisco office, arranged the 15-year fixed-rate loan from Genworth Life Insurance Co., Richmond, Va.

In downtown Spokane, Wash., Newmark arranged a $6.4 million loan secured by the Old City Hall. Principal Demetri Koston arranged the fixed-rate loan. He said much of the financing was applied to the acquisition, with the balance available to fund tenant improvements, leasing commissions and common area improvements.

Built in 1913, the building was used as the Spokane City Hall until the early 1980s. It has nearly 100,000 square feet of total rentable area including ground floor retail space in the city’s central business district.