Newmark Realty Capital, Inc. arranged acquisition financing in the amount $15,371,500 secured by a 180-unit multifamily property located in Chandler.
The property was originally built in 1986 and recently received some improvements. The new buyer intends to make additional improvements to the property which will help them increase rental rates.
Adam Parker, principal, arranged the permanent financing through a regional bank. Newmark was hired to source a maximum leverage acquisition loan with a low interest rate and flexible prepayment penalty.
In addition, Parker sourced a lender that offered a loan with three years of interest only payments, which allows the increased cash flow to be spent on making improvements during the first three years of the loan.
Newmark Realty Capital, Inc. is a full service mortgage banking firm with a strong 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 $9 billion representing over 1,000 loans. Newmark has been 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 addition to other income property types, Newmark has extensive multifamily experience providing financing for construction, lease-up, and stabilized projects
