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Newmark Realty Capital Completes $317M CRE Mortgages During Q1 2019
San Francisco-based Newmark Realty Capital, Inc. (NRC) closed $316.5 million of commercial mortgages during 1Q2019 across 56 transactions. The independent commercial mortgage banking firm noted toward the end of the first quarter, interest rates dropped significantly.
NRC believes the sudden drop in interest rates contributed to its increased activity and the expectation of much greater production in Q2 2019. Commercial mortgage production during the quarter was led by multifamily, office and self-storage assets in descending order of value of funds placed. Additionally, NRC’s San Francisco, Los Angeles and Phoenix production offices led the firm’s production totals.
NRC’s Michael Heagerty says “Underwriting and performance are holding true across our servicing portfolio for the start of 2019, and we are confident in current market fundamentals anticipating a strong 2Q2019. Market analysts are watching for a major cycle correction; however, this correction could be just as likely a series of minor adjustments as we reach a manageable plateau.”
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