SEATTLE, WA (August 29, 2018)– Newmark®, the largest independent commercial mortgage banking firm in the U.S., has arranged $27,000,000 in financing, for the Eastlake Office Building in Seattle. Located at 617 Eastlake Avenue East, the 80,365 sf, 5-story office building is adjacent to numerous lifestyle and employment centers. With a spectacular Lake Union outlook, exceptional freeway identity and access, this makes for an enduring South Lake Union property.
Brian Bonipart, Vice President, and Abby Kemp, Associate, of Newmark’s Seattle office, worked exclusively with the borrower in securing the 10-year fixed-rate, 25-year amortization with one of Newmark’s correspondent life insurance lenders.
According to Brian Bonipart, “The borrower was looking for long term, non-recourse debt to replace their existing bank loan. We were able to find a life insurance company that was able to offer the proceeds they wanted with the terms requested.”
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.