SAN FRANCISCO, CA – Working on an exclusive basis, Robert Slatt, Jeff Wilcox and Charlie Kokernak of Newmark Realty Capital have arranged $22,900,000 in construction financing for 555 Pacific, a ground up mixed-use development in Santa Cruz, CA. The financing was structured as a first deed of trust with ORIX Capital Markets, who provided a non-recourse facility in excess of 70% of cost. The property, currently under construction with an anticipated completion in late 2017, will consist of 94 multifamily units over 4 ground floor commercial spaces. The project is located in a prime location between the Downtown core and shoreline, and will provide ample parking and high visibility to both residential tenants and retail customers. 555 Pacific is the only mixed use residential project currently under construction in the City of Santa Cruz, and upon completion is anticipated to be quickly absorbed given the demand for housing in the county.
“Jeff, Rob, and Charlie sourced financing for 555 Pacific from a wide variety of bank and private lending sources. Their tireless efforts in working with ORIX and our various design and contractor teams ensured that we could secure a loan that met our project and company needs.”
-Director of Development, Barry Swenson Builder
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 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.
For more information on this transaction, please contact Robert Slatt at (415) 946-6246, Jeff Wilcox at (415) 946-6239 or Michael Heagerty at (415) 956-9854.