SEATTLE, WA – Newmark Realty Capital, Inc. (NRC), the largest independent commercial mortgage banking firm in the U.S., has arranged $65,000,000 in permanent financing for the Downtown Woodinville Shopping Center. Located in Woodinville, WA, approximately 20 miles northeast of the Seattle CBD, the multi-tenant retail center is anchored by a 123,000 sf Target, which owns its store, a 67,000 sf Haggen Grocer, and an AMC Theater. Other national retailers in occupancy include PetSmart, Barnes & Noble, Cost Plus World Market, Ross Dress for Less, Famous Footwear, Starbucks and Chipotle.
Michael Taylor, Principal, Skip Slavin, Vice President, along with Patrick Taylor and Alex Saunders, Associates, of NRC’s Seattle office, arranged the financing through John Hancock Life Insurance Company, one of NRC’s correspondent lenders. NRC was able to secure the non-recourse, 10-year term, interest-only loan for the property owner.
“This was a refinance of a permanent loan which we placed for the borrower 10 years ago at what was the height of the financial crisis,” said Michael Taylor. “Fortunately, the capital markets have long since rebounded, this property has performed very well and there were several lenders competing for the financing. At the end of the day, John Hancock Life Insurance was able to provide a competitive loan with terms that best matched the priorities of the borrower.”
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.