PHOENIX, ARIZ. – Newmark, the largest independent commercial mortgage banking firm in the U.S., has secured nearly $20,000,000 in financing for six separate multi-family properties, five of which are located in Phoenix, Arizona. Adam Parker, Principal, and Chad Metzger, Associate Vice President, of Newmark’s Phoenix office, were able to secure the financings through various regional banks and a debt fund.
Four Property Portfolio – $9.88 Million
Newmark has arranged $9,880,000 in financing for four multifamily assets totaling 153 units. One of the properties is located in Bullhead City, AZ, and the other three are located throughout Phoenix, AZ – specifically in the Arcadia Lite and the historic Encanto neighborhoods. Mr. Parker and Mr. Metzger arranged all four loans for the same sponsor through three different regional banks. The three Phoenix assets included holdback dollars that the sponsor could draw upon to complete property renovations.
Maryland Manor Townhomes – $5.77 Million
Developed as a luxury townhome community, Newmark has arranged $5,770,000 in financing for Maryland Manor Townhomes located in Phoenix. The 50-unit property has an average unit size of 1,370 sf, with all units having their own washer and dryer and a direct-access garage. Mr. Parker and Mr. Metzger were able to facilitate a cash-out refinance through a regional bank in order to provide the sponsor with funds to build a future multifamily asset. At closing, the subject was 100% occupied with a waiting list of tenants.
Phoenician Townhouse – $4.12 Million
Located just west of the North Central Phoenix neighborhood, Newmark has arranged $4,120,000 in financing for the Phoenician Townhouse. Prior to acquisition and loan closing, the 44-unit property operated as a condominium complex ever since it was originally constructed in 1964. Mr. Parker and Mr. Metzger were able to arrange this acquisition loan through a debt fund, which allowed for an initial funding of approximately $2,535,000 used to acquire the asset. In addition, the loan offers the borrower a future funding facility that they can draw upon monthly to reimburse 100% of the property’s renovation costs.
Newmark, a privately held company based in San Francisco, is a full service mortgage banking firm with an extensive lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 70 employees in regional offices throughout the western United States. The company’s national servicing platform of $12 billion represents over 1,300 loans located in 40 states. Newmark is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation.