SPOKANE, WA – Newmark® has arranged financing in the amount of $6,450,000 secured by the historic Old City Hall in downtown Spokane, WA. Demetri Koston, a Principal with Newmark’s Spokane office, worked on behalf of the borrower to arrange the fixed-rate loan. Much of the financing was applied to the acquisition, and the remaining balance is available to help fund tenant improvements, leasing commissions, and common areas.
Built in 1913, the building was used as the City Hall in Spokane until the early 80s. The building is uniquely located in the heart of the Central Business District, with convenient access to various downtown amenities, including Riverfront Park. The building is nearly 100,000 square feet of total rentable area, including the ground floor retail space. The building is in a prime location and should benefit from the recent trend of companies moving to downtown.
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 $10 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.