SPOKANE, WA – Newmark Realty Capital, Inc. (NRC), the largest independent commercial mortgage banking firm in the U.S., has arranged $10,600,000 in fixed-rate financing for the construction of the 40,000 sf HUB building. Located across the tracks from the University District on the eastern border of Downtown Spokane, with great access to Interstate 90, the four-story building will house the Eco-District energy plant and R&D office space for Avista. The building will share parking with the Catalyst Building to the North also under construction.
Demetri Koston, Principal, from Newmark’s Spokane office, and Brian Bonipart, Vice President, of Newmark’s Seattle office, arranged the financing on behalf of the borrower. The 12-year loan was placed with one of Newmark’s correspondent lenders.
According to Brian Bonipart, “The borrower was looking for construction financing that converted to non-recourse term financing upon completion. The loan was challenging for many lenders due to the location and the high lease rates which the borrower had achieved. The location is a new office area close to Washington State University’s Spokane Campus and Gonzaga University in Spokane’s developing University District”.
Avista provides electric and natural gas service to customers across 30,000 square miles in Eastern Washington, Northern Idaho, and parts of Southern and eastern Oregon, with a population of 1.5 million. Avista Utilities is the regulated business unit of Avista Corp., an investor-owned corporation headquartered in Spokane, Washington.
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 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $12 billion represents over 1,300 loans located in 40 states. 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.
