Working on an exclusive basis, Mark Ritchie, Jeff Wilcox, Bahman Mirhashemi and Charlie Kokernak of Newmark Realty Capital have arranged $28,500,000 in construction financing for 85 Bluxome, a ground up office development in the SoMa submarket of San Francisco. The financing was structured as a first deed of trust with Washington Capital Management and mezzanine financing with TDA, Inc. The combined facility was non-recourse and represented 70% of total cost. Additional terms of the financing were not disclosed.
85 Bluxome will be a Class A, 55,000 SF office building, a rarity for both its size and class in the SoMa district. The property will feature floor to ceiling windows throughout its front façade which will take advantage of the planned revitalization of Bluxome Street per the Western SoMa Community Plan. The official ground breaking ceremony will be in October with construction completion scheduled for the end of 2015.
About Newmark Realty Capital, Inc.
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 over $7.5 billion representing 900 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. For more information visit www.newmarkrealtycapital.com