Newmark Secures $15MM for Oakland’s Embarcadero Center

Newmark ,Oakland,San Francisco, Bay Area,Embarcadero Center,Alameda.

Newmark ,Oakland,San Francisco, Bay Area,Embarcadero Center,Alameda.
OAKLAND, CA – Newmark™ has arranged a $15,000,000 cash-out refinance loan on a 153,000 square foot, two-building business park, in Oakland, CA. Darren Pacheco, Vice President, arranged the 5-year fixed-rate loan with a regional bank on behalf of a local borrower. Currently, the business park is a leasehold interest with a local government tenant occupying the majority of the space. The land lease is from the Port of Oakland, and the tenant is the County of Alameda.

“This was an incredibly challenging loan to execute due to the nature of the ground lease, the major tenant negotiating a lease extension, and an existing CMBS loan maturity. Capital markets have been turbulent as interest rates have risen rapidly. In the end the borrower was pleased with a loan that met all their objectives.” -Darren Pacheco, Vice President of Newmark

About Newmark
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 60 employees in regional offices throughout the western United States. The company services nearly $10 billion representing over 1,100 loans located throughout the country. 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.

West Coast Commercial Real Estate News