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12/31/15
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Newmark Realty Capital has arranged $3.8 mil in refi money for the McNear Building, a 43.5k sf, multi-tenant mixed-use property in the NoCal city of Petaluma. The property is situated on approximately 0.48 acres in the heart of the city’s historic downtown area.
The property was constructed in 1886, with an addition built in 1911 by the the McNears, a family prominent in Petaluma business and political history. The property is home to the historic Mystic Theater, which has been in operation since 1911 and is Petaluma’s premier destination for live music. It also houses McNear's Saloon and Dining House, a well-known and popular local gathering spot. The project also features other retailers on the ground floor and offers unique office space for all sizes of tenants.
Newmark’s Mitch Zeemont arranged the financing, which was funded by a commercial bank. The 10-year loan has a fixed-rate and a 30-year amortization schedule.
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