RICHLAND, WA – Newmark™ has arranged financing in the amount of $11,700,000 secured by a new Homewood Suites located in Richland, Washington. Demetri Koston and Skip Slavin, Vice Presidents for Newmark in Washington, worked on behalf of the borrower to arrange the new loan facility.
Built in 2015, the property has 115 rooms and is well located alongside the Columbia River in the heart of Washington’s wine country. The hotel is the first Homewood Suites in the Tri-Cities area of Washington. New hotels can be a challenge to finance without significant seasoning. The team at Newmark was able to identify a lender which appreciated the positive trends in revenues and occupancy, and underwrite to a highly competitive level.
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 60 employees in regional offices throughout the western United States. The company services nearly $10 billion representing over 1,100 loans located throughout the country. 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.