Newmark, the largest independent commercial mortgage banking firm in the U.S., has arranged $23,850,000 in permanent financing for Campbell Plaza. Strategically located in the central corridor of Tucson, AZ, near the University of Arizona and Banner University Medical Center, the mixed-use office and retail shopping center consists of approximately 190,000 sf. The plaza offers a diverse shopping experience, which is anchored by a high-grossing Albertsons (operating at the property for over 25 years), Ross Dress for Less, and Ace Hardware.
Tim Storey, Principal, of Newmark’s Phoenix office, worked with the borrower in arranging the acquisition financing with one Newmark’s correspondent life companies. In addition, Newmark assisted in arranging the equity required for the purchase. Pricing and other terms were not disclosed.
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 42 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.