Dealmaker: Newmark Secures $26M for Industrial, Office Assets
Newmark, San Francisco, arranged $26.2 million for industrial and office assets in Texas and California.
In Fort Worth, the firm secured $22.5 million for a 712,000-square-foot distribution facility fully leased to a credit tenant. The new, institutional-quality single-tenant distribution building sits on 43 acres near Fort Worth Meacham International Airport.
Newmark Principals George Mitsanas and Tim Storey arranged the 10-year non-recourse financing with a correspondent life insurance company. Newmark will service the loan.
Newmark also arranged $3.75 million in financing for three separate commercial properties in California’s South Bay area. Principal Eric Von Berg and Associates Tom Dao and Cristian Streeter worked with two borrowers to arrange the financing.
Two industrial flex properties in San Jose, Calif. received $2.25 million in refinancing funds. The fully leased properties total 26,000 square feet. Newmark locked the rate at application and arranged two separate 25-year, fully amortizing loans with a life insurance company.
Von Berg, Dao and Streeter also arranged $1.5 million for 555 Price Avenue in Redwood City, Calif. Located adjacent to Highway 101, the remodeled 8,200-square-foot Class B multitenant office building is 100 percent occupied, with the owner occupying 38 percent of the property. Newmark arranged a flexible prepayment, fixed-rate 10-year non-recourse loan from a national bank.
