SPOKANE, WA, December 18, 2018 – Newmark®, the largest independent mortgage banking firm in the U.S., has arranged $21,750,000 for Birch Hills Apartments in Pullman, WA. The newly constructed apartment property includes 281 residential units, primarily occupied by students at Washington State University.
Demetri Koston, Principal, of Newmark’s Spokane office, structured the transaction at a highly competitive 12-year, fixed-rate term with a bank based in the Pacific Northwest. The initial four years of the loan were structured as “interest-only”, followed by an amortization based on a 30-year schedule. The loan is non-recourse and requires no personal guarantees for repayment.
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.