SPOKANE, WA – Newmark™ has aranged financing in the amount of $1,779,000 secured by approximately 208 acres of farmland in Orondo, Washington. Demetri Koston, Vice President for Newmark in Washington, worked on behalf of the borrower to arrange the new loan facility.
The 208-acre property includes vineyards and other crops such as pears and apples, plus additional land in various stages of development for more vineyards. The property is situated along the Columbia River in the heart of one of Washington’s wine grape growing areas. A portion of the current grape production is directed to a premier wine company in Washington known for its high quality. Newmark arranged the financing with one of its correspondent lenders, and will service the loan on behalf of the lender.
Newmark, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 60 employees in regional offices throughout the western United States. The company services nearly $10 billion representing over 1,100 loans located throughout the country. Newmark is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.