The deal involved the assumption of a $19.5 million loan and theplacement of $22 million in new financing to facilitate thepurchase. Both loans were secured by Newmark through itscorrespondent Teachers Insurance and Annuity Association ofAmerica.

The new financing included a $2.8 million funding along with theloan assumption and a $19.2 million forward commitment to fund withthe purchase of the second phase of the center, scheduled for Marchof 2008. The loans were arranged by Newmark principals Mike Taylorand Hans Siebert. The duo says of particular interest to TIAA wasthe large amount of equity in the deal, which has an overallloan-to-cost ratio of 59%.

The 14-building retail center and parking garage sit on 15 acreslocated south of 153rd Street SE at the Bothell-Everett Highway.Tenants include Central Market, The Everett Clinic, Boston Pizza,University Bookstore and Pier 1 Imports.

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