SAN FRANCISCO, CA (June 26, 2019) – Newmark Realty Capital, Inc. (NRC), the largest independent commercial mortgage banking firm in the U.S., has arranged $13,500,000 in permanent financing for Sunrise Residences in Fairfield, CA. The project was successfully re-positioned by sponsorship from an office park to a mixed-use subject consisting of 78 apartment units and 6 retail units. Retail units account for approximately 15% of the total square footage.
With an exclusive arrangement, Murphy Osborne, Vice President of NRC’s San Francisco office, placed the loan with a correspondent insurance company, which provided better overall structure to meet the investment objective than competing banks, credit unions, and agencies, which all quoted the deal.
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.