SAN FRANCISCO, CA – Newmark® has arranged $10,380,000 in permanent financing for Lakeside and Crown Village Apartments, two complexes in Kennewick, WA totaling 121 and 89 units, respectively.
Robert Slatt and Demetri Koston, Principals, along with Charlie Kokernak and Abby Kemp, Associates, worked with the borrower in securing the 7-year fixed-rate loans with a reinsurance company lender. The loans were arranged on a non-recourse basis as two first deeds of trust and are cross collateralized. Both loans feature interest-only payments during the first two years, followed by a 30-year amortization, which will provide increased property cash flow to the borrower and allow for property renovations as needed.
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