June 5, 2019
Newmark Realty Capital arranged $10.6 million in fixed-rate financing for the construction of the 40,000-square-foot HUB building in Spokane, WA. Located across the tracks from the University District on the eastern border of Downtown, with convenient access to Interstate 90, the four-story build-to-suit building will house the Eco-District energy plant and R&D office space for Avista.
Newmark’s Demetri Koston and Brian Bonipart arranged the financing on behalf of the borrower. The 12-year loan was placed with one of its correspondent lenders.
Bonipart says, “The borrower was looking for construction financing that converted to non-recourse term financing upon completion. The loan was challenging for many lenders due to the location and the high lease rates which the borrower had achieved. The location is a new office area close to Washington State University’s Spokane Campus and Gonzaga University, in Spokane’s developing University District”.
The building will share parking with the nearby Catalyst Building, also under construction.
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