$3,625,000 “A Note” & $725,000 “B Note”
3 Years Interest Only
Refinance of a Maturing CMBS Loan
West Market Center, A Multi-Tenant Industrial Facility
JULY 21, 2016 – SALINAS, CA – Working on an exclusive basis, Robert Slatt, Principal, Andy Bratt, Vice President, and Charlie Kokernak, Associate of Newmark Realty Capital, have arranged $4,350,000 in bridge financing for West Market Center, a multi-tenant industrial complex in Salinas, CA. The financing was structured in two parts, a $3,625,000 first deed of trust and a private loan of $725,000 in the second position. To complete the transaction, which refinanced a maturing CMBS loan, the Newmark team engaged a wide array of capital sources. Payoff timing, tenant concentration and lease expiration presented challenges for this transaction; however, both financing solutions were placed with a private lending institution on an interest only basis for a three year term.
About Newmark Realty Capital
Newmark Realty Capital, Inc. is a full service mortgage banking firm with an impressive 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 approximately $9 billion representing approximately 1,100 loans. Newmark is 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. In 2015, Newmark arranged more than $2.3 Billion in loans for its clients.