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2/04/16
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Newmark Realty Capital Inc has arranged $65 mil in permanent financing for a 284k sf, single-tenant office complex located in Sacramento. The recently renovated property is leased to the State of California and serves as the headquarters for the California Highway Patrol.
The building is located at 601 N 7th St, west of I-5 and just south of the American River. It is situated in the city’s River District Redevelopment area.
Newmark’s George Mitsanas, Fritz Grim, and Armen Hadjimanoukian arranged the non-recourse, fixed-rate, term loan. It was funded through a life insurance company lender.
"Newmark has closed approximately $2.0 bil of Federal- and State-leased buildings. We were able to create a unique and secure loan structure which met both borrower and lender's financing requirements", said Grim.
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