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FINANCING NEWS
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Newmark Realty Capital Arranges $38.6 Mil on Palo Alto Office Property

1/22/15

Newmark Realty Capital Inc arranged financing of $38.6 mil ($850/sf) for Menlo Equities on a 45.3k sf office building in Palo Alto that was converted to an internet exchange. The property is strategically located in the city’s downtown, considered a critical nexus at the heart of Silicon Valley.

The loan has a 10-year, fixed rate, amortized over a 30-year schedule after a five and one-half year interest-only period. It is non-recourse. Eric Von Berg, Principal, and Tom Dao, Associate, at Newmark Realty Capital, sourced the loan through Wells Fargo’s CMBS program.

According to Kevin Kujawski, CFO for Menlo Equities, the financing needed to go the conduit route. Newmark was able to offer several CMBS choices while retaining the primary servicing roll for the life of the loan.

Wells Fargo is the master servicer. In this type of servicing arrangement, Newmark performs all of the functions they perform for their life insurance servicing clients; holding and releasing escrows, reviewing new leases, making routine property inspection, conduction tax and insurance reviews, etc. As primary servicer, Newmark remains the borrower’s principal point of contact, working with the master and special servicer on unusual items that require higher levels of approval.

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 a full-service mortgage banking firm with over 60 employees in regional offices throughout the western United States. The company services over $8 bil representing 900+ loans.





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