Dealmaker: Newmark Arranges $51M for Office, Retail
Newmark, San Francisco, arranged $50.7 million for office and retail assets in Washington and California.
In Seattle the firm arranged $27 million for the Eastlake Office Building. Located at 617 Eastlake Avenue East, the 80,365-square-foot five-story office building received a 10-year fixed-rate loan from a Newmark correspondent life insurance lender.
Newmark Vice President Brian Bonipart and Associate Abby Kemp made the arrangements. “The borrower was looking for long-term, non-recourse debt to replace their existing bank loan,” Bonipart said.
In Mammoth Lakes, Calif., Newmark Principal Patrick Barkley and Associate Vice President Chad Metzger secured $18.7 million in long-term non-recourse financing for ground floor retail at The Village at Mammoth ski resort. Built in 1999, the subject property contains 57,925 square feet of retail shops and restaurants at the base of the Mammoth Mountain ski gondola.
A commercial mortgage-backed securities lender supplied the 10-year interest-only acquisition financing, Barkley said.
The firm also arranged $5 million in permanent financing for the Village at Regal Pond in Spokane, Wash., a fully occupied, 22,500-square-foot retail property. Newmark Principal Demetri Koston and Vice President Skip Slavin arranged the 20-year fully-amortizing life company financing. Newmark will service the loan.
