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Newmark Completes $713M of Commercial Mortgages
San Francisco-based Newmark Realty Capital completed $712.7 million of commercial mortgages during 3Q 2018 across 81 unique transactions. Production totals for the first three quarters now exceed $1.8 billion, and volumes remain consistent with the independent commercial mortgage banking firm’s expectation to exceed $2 billion for a seventh year.
Newmark’s Michael Heagerty says, “The health of the commercial real estate markets remains excellent across all asset classes, and not surprisingly production volumes are led by multifamily transactions.”
In terms of capital requirements, the active property types included multifamily, retail and office. The company’s Los Angeles, San Francisco and Seattle production offices continued to show the highest placement volumes during the period.
The company notes forward-looking clients seek to take advantage of historically low rates. Industrial remains the favored asset class for allocations moving into the fourth quarter and 2019. Life companies remain the most active lending source for Newmark’s clients.
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