June 11, 2019
San Francisco-based Newmark Realty Capital, Inc (NRC) arranged $65 million in permanent financing for the Downtown Woodinville Shopping Center in Woodinville, WA. Michael Taylor, Skip Slavin, along with Patrick Taylor and Alex Saunders in NRC’s Seattle office arranged the financing through John Hancock Life Insurance Company. NRC secured the non-recourse, 10-year term, interest-only loan for the property owner.
The multi-tenant retail center is anchored by a 123,000-square-foot Target, which owns its store, a 67,000-square-foot Haggen Grocer, and an AMC Theater. Other national retailers include PetSmart, Barnes & Noble, Cost Plus World Market, Ross Dress for Less, Famous Footwear, Starbucks and Chipotle.
“This was a refinance of a permanent loan which we placed for the borrower 10 years ago at what was the height of the financial crisis,” said Michael Taylor. “Fortunately, the capital markets have long since rebounded. This property has performed very well and there were several lenders competing for the financing.”
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