SAN FRANCISCO, CA (June 18, 2019) – Newmark Realty Capital, Inc. (NRC), the largest independent commercial mortgage banking firm in the U.S., has arranged $10,600,000 in financing to acquire and reposition the Station House Inn in South Lake Tahoe, CA. Currently operating under a national hotel flag, the hotel features 96 rooms in three separate two-story buildings, along with a fourth building that is home to a restaurant and a bar. The hotel is situated in a prime location, roughly two blocks from both the beach area and the ‘Stateline’ South Lake Tahoe entertainment and dining area.
Jeff Wilcox, Principal, and Charlie Kokernak, Associate, of NRC’s San Francisco office, arranged the 3-year term, non-recourse loan through a bridge lender. The financing will enable the sponsor to reposition the asset as a boutique destination hotel with onsite dining and seasonal offerings.
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 $12 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.