Newmark® Arranges $12MM For Empire Mini Storage in Novato

Newmark, Novato, San Francisco, Standard & Poor

NOVATO, CA – SEPTEMBER 28, 2017 – Newmark® has arranged permanent financing in the amount of $12,000,000 for a 70,089 square foot self storage facility located in Novato, CA. Built in 2007, the subject property consists of one and two-story buildings containing 902 units, ranging in size from 25 to 350 square feet. 2,000 square feet of the total rentable area is set aside for temperature-controlled wine storage.

Darren Pacheco, Vice President in Newmark’s San Francisco office, worked with the borrower on an exclusive basis to arrange the 10-year term, 30-year amortization, cash-out refinancing with a correspondent life insurance company.

“This was a unique transaction with a lot of moving parts. The borrower was seeking working capital, so we decided to defease the existing CMBS loan five years early to capture the historically low interest rates. One of our exclusive life company lenders provided market leading terms which included a declining pre-payment structure. The borrower was very pleased with receiving an extremely low rate with the utmost flexibility in the future.”

-Darren Pacheco, Vice President of Newmark

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 $10 billion represents over 1,200 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.

West Coast Commercial Real Estate News