Newmark has arranged permanent financing in the amount of $13,265,000 secured by the La Ronde Centre in Sun City.
Adam Parker, Principal, from Newmark’s Phoenix office, arranged the financing on behalf of the borrower. The loan includes a $920,000 TI/LC facility which will be used to pay for obligations related to three new leases. The non-recourse loan, arranged through a regional bank, also includes flexibility to sell off a piece of collateral without triggering a prepayment penalty.
The La Ronde Centre includes approximately 110,000 SF of medical office and retail space. Earlier this year, the property was awarded 2016 NAIOP Medical Redevelopment of the Year. At present, the property has one surgery center in operation while another surgery center has signed a lease and will start their tenant improvements in the near future. La Ronde Centre is located just over a mile from Boswell Medical Hospital Campus.
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 $10 billion represents over 1,200 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.
