Newmark Arranges $29.9M in Financing for Five55 Apartment, Retail Development in Santa Cruz
SANTA CRUZ, CALIF. — Newmark has arranged $29.9 million in financing for Five55 Pacific, a newly developed mixed-use property located in Santa Cruz. Swenson Builders, the borrower, completed the development earlier this year.
The beachside property features 94 apartments and four ground-floor commercial spaces, which are managed by Woodmont Real Estate Services.
Jeff Wilcox, Robert Slatt and Charlie Kokernak of Newmark structured the financing as a first deed of trust with Benefit Street Partners.