$6,000,000 Bridge Financing
Land Improved With Motel, Rental Car Agency, & Car Wash
Three Year Term, Interest-Only Payments
AUGUST 26, 2016, SAN MATEO, CA – Working on an exclusive basis, Robert Slatt, Jeff Wilcox and Charlie Kokernak of Newmark Realty Capital, have arranged $6,000,000 in bridge financing for The Hillsdale Inn, three parcels of land improved by a motel, self-service car wash, and Enterprise Rent-a-car in San Mateo, CA. The financing solution was arranged to recoup development costs and provide funding while the sponsor completes entitlement and seeks approval to redevelop the site. The financing was structured as a first deed of trust with a local bank and features interest-only payments during the three-year term.
About Newmark Realty Capital, Inc.
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 over 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.