Newmark Realty Capital Arranges $76M
Newmark Realty Capital, San Francisco, arranged $75.6 million in permanent and construction financing for Washington retail and industrial assets.
In Woodinville, the firm arranged $65 million in permanent financing for the Downtown Woodinville Shopping Center. Located 20 miles northeast of downtown Seattle, the multi-tenant retail center is anchored by a 123,000-square-foot Target, a 67,000-square-foot Haggen Grocer and an AMC Theater. Other national retail occupants include PetSmart, Barnes & Noble and Ross Dress for Less.
Newmark Principal Michael Taylor, Vice President Skip Slavin and Associates Patrick Taylor and Alex Saunders arranged the 10-year non-recourse interest-only financing through John Hancock Life Insurance Co., Boston.
“This was a refinance of a permanent loan which we placed for the borrower 10 years ago at what was the height of the financial crisis,” said Michael Taylor. “Fortunately, the capital markets have long since rebounded, this property has performed very well and there were several lenders competing for the financing.”
Newmark also secured $10.6 million in fixed-rate construction financing for the 40,000-square-foot HUB building in Spokane. Located across the tracks from the University District on downtown Spokane’s eastern border, the four-story building will house the Eco-District energy plant and R&D office space for energy company Avista Corp.
Newmark Principal Demetri Koston and Vice President Brian Bonipart placed the 12-year loan with a Newmark correspondent lender.
“The borrower was looking for construction financing that converted to non-recourse term financing upon completion,” said Bonipart. “The loan was challenging for many lenders due to the location and the high lease rates which the borrower had achieved. The location is a new office area close to Washington State University’s Spokane campus and Gonzaga University in Spokane’s developing University District.”
Headquartered in Spokane, Avista provides electric and natural gas service to customers across 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon.
