Dealmaker: Newmark Realty Capital Secures $47M

Newmark Realty Capital, San Francisco, secured $47 million for Idaho, California and Texas assets.

In northern Idaho, NRC arranged $22 million in construction financing for One Lakeside Center, a 15-story multifamily tower near Lake Coeur d’Alene’s north shore.

NRC Principal Demetri Koston placed the loan with a New York-based national bank. He said the firm educated potential lenders about the unique and appealing fundamentals of the highly localized class A market.

One Lakeside Center will include 69 residential units, a parking garage and a commercial suite on the ground floor.

NRC also arranged $25 million in financing for two mobile home communities in Truckee, Calif., and Kyle, Texas. Coachland RV Park, located 20 minutes north of Lake Tahoe, Calif., is a 229-space mobile home and RV community with mostly double-wide homes. Lakeside Crossing, located 20 minutes south of Austin, is a 279-space family mobile home community.

Patrick Barkley, Principal in NRC’s Phoenix office, secured the non-recourse bridge financing. “Finding a lender who understood the borrower’s business plan and property type were key in selecting a lender,” he said. NRC secured sufficient funds to refinance both properties and negotiated provisions to get the borrower additional dollars, which helped the sponsor convert the RV space at Coachland RV Park to annual park models.