Financing Locks in Favorable, Long-Term Rates at Near Historic Lows as Interest Rates Continue to Rise into 2017
Phoenix, Arizona – The Phoenix production office of Newmark™, a privately held mortgage banking firm based in San Francisco, has announced the successful completion of $13,775,000 in permanent financing for three unique properties in the greater Metro Phoenix area.
“Smart money is looking to lock in rates and forwards early in 2017 as we move into a year where interest rates will continue to rise above their current historic lows,” said Tim Storey, principal and founder of Newmark’s Phoenix production office. “For Phoenix-based investors, this means the time is now to look at your refinancing strategies, acquisition targets and new development plans to secure the most favorable rates moving forward. Long-term investors in industrial, multifamily, office, retail and mixed use asset classes should be reviewing their strategies and opportunities before mid-year.”
The recently completed finance transactions in the Greater Metro Phoenix marketplace include:
Phoenix – Office/Warehouse: Newmark arranged $2,925,000 in permanent financing for a 100% leased, single tenant, office/warehouse and distribution building. The loan was procured to facilitate the acquisition of the building. The subject property was built in 2001 on 4.49 acres with a total building area of 35,328 SF. Tim Storey (Principal), Tom Dudley (Principal) and Chad Metzger (Associate Vice President) worked with the borrower to arrange the 10 year, full recourse financing with one of Newmark’s local banking relationships. Pricing and other terms were not disclosed.
Scottsdale – Office: Newmark arranged $6,050,000 in permanent financing for a class “B” office building with a total of 65,732 rentable square feet. The subject property was built in 1981 on 3.96 acres. Tim Storey (Principal) and Chad Metzger (Associate Vice President) of Newmark’s Phoenix office arranged the 10 year, non-recourse financing for the borrower with one of Newmark’s correspondent banking relationships. Pricing and other terms were not disclosed.
Avondale – Office/Warehouse: Newmark arranged $4,800,000 in permanent financing for a class “A” office/warehouse building with a total of 79,028 rentable square feet. The property was built in 2007 on 6.56 acres. Tim Storey (Principal), Tom Dudley (Principal) and Chad Metzger (Associate Vice President) of Newmark’s Phoenix office arranged the 10 year, non-recourse financing for the borrower with one of Newmark’s life insurance company relationships. Pricing and other terms were not disclosed.
Established in 1991, Newmark is currently staffed by over 60 employees in regional offices throughout the western United States. The company services nearly $10 billion representing over 1,100 loans located throughout the country. 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. For more information, visit www.newmarkrealtycapital.com.