SANTA CRUZ, CA – Newmark has arranged $23.5MM in financing for a ground-up, mixed-use development in Santa Cruz, CA.
Jeff Wilcox and Robert Slatt, Principals, along with Charlie Kokernak, Associate – of Newmark’s San Francisco office, worked on an exclusive basis in arranging the construction financing. The financing was structured as a first deed of trust with Wells Fargo Bank. Park Pacific is anticipated to be completed in mid-2019 and will consist of 79 multifamily units over ground floor retail.
“Jeff, Rob, and Charlie have been instrumental in arranging financing for Park Pacific from day one. They did a great job not only in securing a bridge lender when the site was acquired, but have since been integral to locating and closing our construction loan after receiving city approval.”
-Senior Development Manager, Swenson Builders
Located in Downtown Santa Cruz, the market rate property will provide ample parking to residents and high visibility to the retail tenants. Park Pacific will offer a blend of studio, one, and two-bedroom units and is anticipated to be quickly absorbed given the demand for housing in the county.
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.