(EDITOR’S NOTE: In May 2016, the developer, The Blume Company, and Newmark Realty Capital Inc., arranged a $44.276 million in construction financing for the property. Upon completion of the project, the developer is now taking a loan to buy out its equity partner. 624 Yale is part of the three-parcel Yale Campus located at 1260 Mercer, 1275 Mercer and 617 Eastlake).
SEATTLE, WA – Newmark®, the largest independent commercial mortgage banking firm in the U.S., has arranged $62,000,000 in fixed-rate financing for the newly constructed 624 Yale Apartment Building in Seattle, WA. Located in South Lake Union, directly off Interstate 5 and adjacent to numerous lifestyle amenities and employment centers, the 2-building high-rise community comprises of 204 new studio, 1, and 2-bedroom units over parking with one retail suite on the ground floor.
Brian Bonipart, Vice President, and Abby Kemp, Associate, of Newmark’s Seattle office, arranged the financing on behalf of the borrower. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders and was funded at receipt of Certificate of Occupancy.
According to Brian Bonipart, “The borrower was looking to buy out his institutional equity partner. He was concerned about rising interest rates impacting his business plan. He asked us to survey the market for a lender that could close on a permanent loan at Certificate of Occupancy. A majority of the lenders needed the property leased in excess of 50%. We were able to find a life insurance company that was familiar with the market and was able to close at C of O. He was very pleased with the entire process from application through closing.”
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.