SPOKANE, WA – Newmark® has arranged financing in the amount of $13,000,000 secured by the historic Port Gardner Office building located in Everett, WA. Principal, Demetri Koston of Newmark’s Spokane office, arranged the non-recourse, 10-year fixed-rate term on behalf of the borrower. The property includes approximately 100,000 sq ft of office and retail space including an adjacent parking annex. The multi-story property is located in the heart of downtown Everett, WA, a coastal community within the northern boundary of Puget Sound. Built in 1929, the property is architecturally unique and considered iconic to the community.
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.