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8/22/17
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We’ve got two recent financings in the state of Washington to report. The transactions, both arranged by Newmark, total $22 mil.
In the larger deal, Newmark arranged $13 mil secured by the historic Port Gardner Office Building located in Everett, WA. The property includes approximately 100k sf of office and retail space including an adjacent parking annex.
The multi-story property is located in the heart of downtown Everett, a coastal community within the northern boundary of Puget Sound. Built in 1929, the property is architecturally unique and considered iconic to the community.
The other deal was a $9 mil loan secured by a stabilized apartment property with 103 residential units. The property is primarily occupied by students at Washington State University, with the building located off-campus in Pullman, WA.
The property is newly built and includes a recreational facility, excess storage, and ample parking. The financing was arranged by Newmark’s Demetri Koston. The long-term, fixed-rate loan was arranged to “take-out” the construction financing and lock-in a very competitive interest rate.
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