Newmark arranges $6.5M for 30 acres of land In Phoenix

Real Estate | 14 May |

Newmark Realty Capital, Inc. (NRC), the largest independent commercial mortgage banking firm in the U.S., has arranged $6,500,000 in financing for the acquisition of about 30 acres of land located in Phoenix, AZ just north of the Deer Valley Airport. The subject property did have an income stream as the land was being leased to 17 tenants for storage purposes. All but one of the leases was short-term in nature which aligned with the buyer’s business plan. The buyer/borrower was purchasing the land to eventually develop a 392,000-square-foot industrial warehouse asset in the future. 

Adam Parker, Principal, and Chad Metzger, Associate Vice President, arranged this acquisition loan through a regional bank. The bank offered attractive loan terms as it was interested in making a construction loan to the sponsor when they are ready to develop the industrial warehouse buildings.  

Newmark Realty Capital, Inc. (NRC), 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.

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