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8/06/15
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Newmark Realty Capital arranged $8.5 mil in take-out financing for Regal Plaza, a newly constructed retail center in Spokane, WA. The center is fully leased and anchored by a new Target, which opened in July 2014 (not part of the security).
The center is located on the South Hill of Spokane, one of the most highly coveted submarkets in the Inland Northwest. The center has a complementary mix of tenants including PetSmart, Anthony’s Beach Café, MOD Pizza, Numerica Credit Union, and others.
Newmark’s Demetri Koston, out of the firm’s Spokane office, arranged the fixed-rate, non-recourse financing, which fully amortizes over the 20-year period of the loan. It was placed with one of Newmark’s life insurance company lenders.Newmark was able to place the permanent loan and lock the rate while the center was still under construction and in lease-up.
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