Dealmaker: Newmark Realty Capital Arranges $57M

Newmark Realty Capital, San Francisco, arranged $57.2 million to refinance an Arizona retail center and a California mixed-use property.

In Arizona Newmark secured $53.5 million in permanent financing for Scottsdale Fiesta, a 494,000-square-foot retail center. Fry’s Signature and Home Depot anchored the center located off Loop 101 at Shea Boulevard in Scottsdale.

Principals Mark Ritchie and Adam Parker, Vice President Amit Tyagi and Associate Armen Hadjimanoukian from Newmark’s Los Angeles and Phoenix offices arranged the fixed-rate, non-recourse financing. A life company supplied the 12-year loan with a 30-year amortization schedule.

In Petaluma, Calif., Newmark Principal Mitch Zeemont arranged $3.8 million to refinance the McNear Building, a 1886-vintage multi-tenant mixed-use property. He placed the 10-year fixed-rate loan with a commercial bank.

The 43,500-square-foot subject property occupies half an acre of downtown Petaluma. The property was constructed in 1886, with an addition built in 1911 by the the McNears, a family prominent in Petaluma business and political history. The property houses the live music venue Mystic Theater, which has operated since 1911, and McNear’s Saloon and Dining House.

Zeemont said the 10-year loan has a 30-year amortization schedule.