SEATTLE, WA – Newmark®, the largest independent commercial mortgage banking firm in the U.S., has secured $29.5 million in financing for two office properties located in Bellevue, Washington.
Brian Bonipart, Vice President, along with Michael Taylor, Principal, and Skip Slavin, Vice President of Newmark’s Seattle office, worked exclusively with Spire Real Estate, L.P., a subsidiary of Vancouver-based Nicola Crosby Wealth Management, in arranging the long-term financing through two correspondent lenders.
Mercer Pointe – Bellevue, WA ($15 MM)
Newmark arranged $15 MM in financing for the purchase of Mercer Pointe, a single-tenant office building located in the Bellefield Office Park, five minutes from the Bellevue Central Business District. The 71,329 sf, class-A building is 100% net-leased to OfferUp.com, a rapidly growing Seattle-based online marketplace. Spire Real Estate worked closely with Newmark in arranging the 25-year, fully amortizing, full-recourse loan, which Newmark will service.
Swift Gateway – Bellevue, WA ($14.5 MM)
Located southeast of downtown Bellevue, Newmark secured $14.5 MM in financing for the off-market purchase of Swift Gateway, a 68,766 sf multi-tenant office building. The three-story, class-A building was recently renovated in 2016. The Newmark team was able to negotiate a highly competitive rate with a 5-year term, 30-year amortization, non-recourse loan with one of its correspondent lenders.
About Spire Real Estate
Spire Real Estate LP owns an investment portfolio comprised of office, retail and industrial properties located in Seattle, San Francisco, Denver, Phoenix, Houston and Chicago. The portfolio also includes interests in approximately 14,000 multi-family units located in the South and Southeast US.
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.