SEATTLE, WA – Newmark®, the largest independent commercial mortgage banking firm in the U.S., has arranged $42,000,000 in permanent financing for the Village at Sammamish Town Center. The newly completed development is a ground-up, mixed-use property, centrally located on the Sammamish plateau. This multi-level design consists of a 37,000 sf medical office space, a 35,000 sf Metropolitan Market, and an additional 35,000 sf of retail. The Village at Sammamish Town Center represents the only new commercial development on the plateau in over 20 years.
Michael Taylor, Principal, Skip Slavin, Vice President, and Patrick Taylor, Associate, from Newmark’s Seattle office, arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization was placed with one of Newmark’s correspondent lenders. Newmark will also service the loan.
According to Michael Taylor, “This was a refinance of a construction loan which we placed for the borrower. Our team kept close track of the property from initial construction through lease up and when the deal metrics were right for permanent financing, we were able to provide the borrower with several competitive options. Our correspondent lenders have a healthy appetite for allocations to Seattle commercial assets and continue to offer strategic options for various finance structures at historically low rates. At the end of the day, Newmark was able to secure a competitive loan with terms that best matched the priorities of the borrower.”
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.