Newmark Realty Capital, Inc. has arranged permanent financing in the amount of $40,000,000 for a 2009 construction, 268-unit apartment complex with 43,000 square feet of ground floor retail in the Ballard neighborhood of Seattle (Security Properties and the AFL-CIO Building Industry Trust partnered on the $90 million project located at 2233 NW 58th Street in Seattle). The ground floor retail consists of a 42,000 square foot grocery store and another small retail tenant.
George Mitsanas, Principal, in Newmark’s Los Angeles office, and Mike Taylor, Principal, in Newmark’s Seattle office, arranged the fixed-rate, non-recourse financing for the borrower. Newmark has financed this property once before. The 10 year loan provides for interest only for the entire term. Newmark will also service the loan.
Newmark Realty Capital, Inc. is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 60 employees in regional offices throughout the western United States. The company services nearly $9 billion representing over 1,000 loans. Newmark has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.