December 15, 2016
San Francisco-based Newmark arranged $61 million in fixed-rate financing for The Monterey Plaza Hotel & Spa in Monterey, CA. The 290-room, full-service hotel, situated on seven contiguous ground leased parcels, is a premier establishment on Monterey’s famed Cannery Row.
The operator, San Mateo, CA-based Woodside Hotels, worked closely with Newmark to arrange the new first deed of trust, which was used to refinance existing debt, cover closing costs, and fund scheduled capital improvements. The non-recourse financing solution was arranged from one of Newmark’s New York-based correspondent life insurance companies, which Newmark will service.
The independent commercial mortgage banking firm commemorated the loan closing at its 25th anniversary gathering at the Monterey property. Since founding in 1991, Newmark has placed more than $30 billion of CRE mortgages, encompassing 3,500 loans.
Newmark’s Robert Slatt, Jeff Wilcox, and Charlie Kokernak arranged the financing.
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