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SANTA MONICA, CALIF. — Newmark Realty Capital Inc. has arranged financing for the first phase of The Water Garden, a 1.3 million-square-foot office complex located in Santa Monica. Mark Ritchie of Newmark secured the $230 million loan on behalf of The Water Garden Company, which is controlled by J.P. Morgan Asset Management. The company secured the fixed-rate loan through its correspondent Teachers Insurance and Annuity Association of America (TIAA-CREF). Terms of the loan were not disclosed.