September 16, 2019
Newmark Realty Capital, Inc. (NRC) secured $22 million of development and construction financing for a luxury residential tower on the north shore of Lake Coeur d’Alene in Northern Idaho. One Lakeside Center is a 15-story tower that features 69 residential units, parking garage, and a commercial suite on the ground floor.
The property is located one block off the water’s edge of Lake Coeur d’Alene, and steps away from a large city park and beach. In addition to the boutiques and restaurants of the historic downtown, spectacular views underscore the exceptional location for this property.
NRC’s Demetri Koston arranged the financing on behalf of the borrower. The loan was placed with one of NRC’s national bank lenders based in New York.
“This was a very complicated and sophisticated transaction for a variety of reasons,” said Koston. “None more than explaining the unique and appealing fundamentals of a highly-localized Class A market.”
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