SEATTLE, WA – Newmark, the largest independent commercial mortgage banking firm in the U.S., has secured $25,500,000 in financing for 1111 East Olive Apartments located in Seattle, Washington. Working on an exclusive basis for the borrowers, Michael Taylor, Principal, and Patrick Taylor, Associate of Newmark’s Seattle office, arranged the 15-year term financing through Aegon Real Assets US.
Meriwether Partners developed the project for the long-time land owners, consisting of 80 apartment units over ground floor retail. The apartments are situated on floors 2 through 6, which includes a rooftop deck, conference room, gym, secured bicycle storage, and parking for 69 vehicles. The ground floor retail will include a corner coffee shop, and the new home of the Richard Hugo House, a non-profit center for supporting writers.
“The developer was looking to take advantage of the interest rate environment and lock up the permanent financing to take out their construction loan.”said Mike Taylor of Newmark. “Aegon Real Assets US was able to accommodate that request at very attractive loan terms and fund the loan as soon as the property received its Certificate of Occupancy before any significant leasing had occurred.”
About Aegon USA Realty Advisors, LLC (Aegon Real Assets US)
Aegon Real Assets US is a fully integrated real estate asset manager that has provided real estate investment services to institutional clients for more than three decades. Aegon Real Assets US provides real estate asset management and advisory services – including tax credit investments, commercial mortgage loans, affordable housing debt, and various other private equity and debt products – to affiliate and unaffiliated institutional clients. The firm has established a distinguished reputation in the real estate industry for its diverse real estate expertise and strong investment performance. Aegon Real Assets US is a part of Aegon Asset Management, which is an international asset management organization based in The Hague, with offices across North America, Europe and Asia. For more information, visit aegonrealty.com.
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 1,200 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.