NEWPORT BEACH, CA (March 28, 2019 ) – Newmark Realty Capital, Inc. (NRC), the largest independent commercial mortgage banking firm in the U.S., has arranged $21,700,000 for Union Bay Apartments located in Seattle, WA. Centered in the forefront of the city’s trendiest area, South Lake Union, the seven-story, 74-unit mid-rise apartment complex offers a variety of spacious studios, 1, and 2-bedroom units along with ground floor retail.
Andy Bratt, Principal, and Spencer Seibring, Associate, of Newmark’s Newport Beach office, structured the 10-year term loan at a highly competitive rate with a Wall Street lender. The sponsor, a privately owned Los Angeles based development company, acquired the property two years ago and implemented an intensive value-add strategy. The property was reaching stabilization and the sponsor wanted to maximize cash-out, interest-only, and lock in long-term fixed-rate financing. Newmark worked with the lender to provide a unique underwriting structure focused on interest-only underwriting and maximizing loan proceeds.
About Newmark Realty CapitalNewmark Realty Capital Inc. (NRC), 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.
