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Newmark Arranges $30M Construction Take-Out Financing for Santa Cruz MF
San Francisco-based Newmark Realty Capital Inc. arranged $29.9 million in financing for Five55 Pacific, a newly- developed, Class A mixed-use property in Santa Cruz, CA. Completed earlier this year by Swenson Builders, the beach-side apartment community offers 94 luxury apartments over four ground-floor commercial spaces.
Newmark’s Jeff Wilcox, Robert Slatt and Charlie Kokernak structured the financing as a first deed of trust with Benefit Street Partners. They were able to provide a flexible lending solution that paid off the construction financing, also secured by Newmark, in addition to covering closing costs and returning equity to the borrower. The interest-only loan is limited recourse and features multiple term extension options.
Woodmont Real Estate Services manages the community, which is the only new apartment complex within Santa Cruz.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development




