Newmark arranges $5.67 million for Arizona Heart building
Newmark has arranged financing in the amount of $5,675,000 secured by a 30,797 SF medical office building in Phoenix, AZ.
Adam Parker, Principal of Newmark’s Phoenix office, arranged the short-term financing on behalf of the borrower. With four new tenants occupying the building, the borrower’s total cost included the purchase price and the reimbursement of tenant improvements and leasing commissions. The financing was arranged to maximize leverage, which included a flexible prepayment structure. Other terms were not disclosed.
Built in 2006, the subject property is located in the central area of the city, just minutes away from Sky Harbor Airport and downtown Phoenix. Located adjacent to the Arizona Heart Hospital and across the street from the Phoenix Children’s Hospital (ranked as one of U.S. best Children’s Hospital), both hospitals are experiencing significant growth and expansion.
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.