Newmark Places $28MM For NorthPointe Shopping Center in Modesto

Newmark, NorthPointe Shopping Center, Modesto, California, Save Mart Supermarket, Costco, Lowe's, Cost Plus World Market, Starbucks, Jamba Juice, Verizon Wireless, H&R Block, Genworth Life Insurance Company, Standard & Poor’s

SAN FRANCISCO, CA – Newmark®, the largest independent commercial mortgage banking firm in the U.S., has secured $28,000,000 in long-term, fixed-rate, non-recourse financing for NorthPointe Shopping Center, located in Modesto, California. Anchored by Save Mart Supermarket and shadow-anchored by Costco and Lowe’s, the community shopping center totals 180,300 sf. Located adjacent to CA Highway 99, the subject is a highly successful shopping center, with a tenant line-up including Cost Plus World Market, Starbucks, Jamba Juice, Verizon Wireless, and H&R Block.

Mitchell Zeemont, Principal of Newmark’s San Francisco office, arranged the 15-year fixed-rate term, 30-year amortization with one Newmark’s correspondent life insurance company lenders, Genworth Life Insurance Company.

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 1,300 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