Newmark Knight Frank Cornish & Carey Commercial Capital Group Closes Over $142,000,000 in Exclusive Debt Assignments on West Coast During the First Months of 2011
Brad Zampa and Ben Bullock of Newmark Knight Frank Cornish & Carey Commercial’s Capital Group placed over $142,000,000 in permanent and bridge debt on Bay Area office product in the first months of 2011. The Capital Group is looking to grow its team, as both investment sales and financing opportunities are increasing significantly on the west coast, and the team’s current pipeline includes over $1 Billion of exclusive debt and equity assignments.
Recent west coast debt placements include a $55,000,000 senior mortgage to finance the acquisition of Crossroads III in Sunnyvale, CA; a $46,600,000 million advisory assignment to refinance the Landmark at Shoreline in Mountain View, CA; and a $15,400,000 non-recourse bridge loan to finance the acquisition of Tower Plaza in San Mateo, CA -- a 50% leased Class B office building.
In September of 2010, Cornish and Carey Commercial partnered with Newmark Knight Frank, a global real estate services firm, giving the Capital Group tremendous access to both U.S. domestic and international capital. The Capital Group has benefited not only from the Newmark Knight Frank partnership, but also from increased investment sales activity generated by the Capital Group’s Executive Managing Director Erik Doyle. In addition, the Capital Group remains fully integrated with Cornish and Carey Commercial Newmark Knight Frank’s best-in-class leasing platform and is bolstered by increased leasing activity throughout Silicon Valley and the broader Bay Area region.
“We have been pleasantly surprised by the breadth and velocity at which the debt markets have opened up, with aggressive capital flowing from life insurance companies, CMBS lenders, and high yield debt funds on all product types in primary west coast markets,” said Newmark Knight Frank Cornish & Carey Commercial Capital Group Senior Managing Director Brad Zampa. “We expect to see a further increase in liquidity on all product types as commercial real estate fundamentals continue to improve throughout the year.
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark Knight Frank, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark Knight Frank. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark Knight Frank core values of integrity and knowledge. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For more information, visit: www.ccareynkf.com