Dealmaker: Newmark Arranges $55M For Office, Multifamily

Newmark, San Francisco, secured $55 million in financing for office and multifamily assets in Bellevue and Seattle, Wash.

In Bellevue, Newmark Vice Presidents Brian Bonipart and Skip Slavin and Principal Michael Taylor arranged $29.5 million for Spire Real Estate, Vancouver, B.C., to acquire office assets Mercer Pointe and Swift Gateway.

Mercer Pointe, a single-tenant office building in Bellefield Office Park, received $15 million. The 71,500-square-foot Class A building is 100 percent net-leased to, a growing Seattle-based online marketplace. Spire Real Estate received a 25-year, fully amortizing full-recourse loan, which Newmark will service.

Southeast of downtown Bellevue, Newmark secured $14.5 million for Spire’s off-market purchase of Swift Gateway, a 68,800-square-foot multi-tenant office building. The three-story Class A building received a renovation in 2016. The Newmark team negotiated a five-year non-recourse loan with a correspondent lender.

Taylor and Associate Patrick Taylor also arranged $25.5 million for 1111 East Olive Apartments in Seattle. Aegon Real Assets US, Irvine, Calif., supplied the 15-year financing.

Meriwether Partners, Seattle, developed the project, which has 80 apartment units over ground-floor retail. The ground floor will include a corner coffee shop and the new home of Richard Hugo House, a non-profit center for supporting writers.

“The developer was looking to take advantage of the interest rate environment and lock up the permanent financing to take out their construction loan” Michael Taylor said. “Aegon Real Assets US was able to accommodate that request at very attractive loan terms and fund the loan as soon as the property received its Certificate of Occupancy before any significant leasing had occurred.”