- Office Condo Acquisition
- $2,173,000, 10-Year, Fixed-Rate Financing
- Rate Lock at Application
- Loan Commitment Within Two Weeks
- Certainty of Execution
- Serviced By Newmark Realty Capital, Inc.
Newmark Realty Capital, Inc. arranged the acquisition financing for 733 Front Street, Unit C-2, with a fixed rate loan from one of Newmark’s correspondent lenders. 733 Front Street, Unit C-2, is an office condo located on the first floor of the 7-story residential condominium building. The lender is an insurance company entity that uses Newmark Realty Capital as its lending correspondent. This correspondent relationship allows Newmark to underwrite the loan and manage the closing process, providing the buyer, seller and sale-brokers certainty of execution. Newmark will service this loan on behalf of the lender; this role provides the borrower a constant servicing relationship.
The origination team at Newmark consisted of Eric Von Berg, Principal, and Tom Dao, Associate, both of whom oversaw the underwriting, due diligence, and closing process. Certainty of execution on financing is key for any acquisition like this, where a buyer is competing against all-cash offers. Tim Maas, the listing broker and Executive Vice President of Colliers International Investment Services Group commented, “Tom provided a seamless acquisition loan process, and was a key part of this smooth transaction.” Representing the buyer was the firm Kidder Mathews, which included Rico Cheung, Partner, Eric Bluestein, Senior Vice President, and Marty Church, Senior Vice President. “Tom delivered, as promised,” they agreed.
Newmark Realty Capital, Inc. is a full service mortgage banking firm with a strong 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 over $8 billion representing 1,000 loans. Newmark has been 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.