Newmark Realty Capital, Inc. has arranged permanent financing in the amount of $14,800,000 for a three-property Southern California self storage portfolio totaling 215,000 SF and over 1,900 units. The facilities are managed by a regional operator. Newmark arranged a loan that allowed the borrower to lock in a low rate six months prior to the open prepayment window for its maturing loan.
The strength of this transaction was based on strong location, sponsorship, excellent property management and modest leverage. Andy Bratt, Vice President, in Newmark's Orange County office, arranged the fixed-rate, non-recourse financing for the borrower. The 10-year loan was placed with one of Newmark's correspondent life insurance company lenders.
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 over 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.