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Newmark Realty Capital Opens Valley Office

PHOENIX-The leaders of a seven-month-old commercial mortgage banking and investment firm turn to a former colleague at Churchill Mortgage of Arizona to lead the office. With the move, Timothy Storey turns in a first vice president's title for principal.

By Jennifer D. Duell | Updated on January 05, 2005

PHOENIX-As part of its strategic growth plan, Newmark Realty Capital Inc. has opened an office in the Valley. Local mortgage banker Timothy Storey has joined Newmark as a principal of the firm’s Arizona operations.

The San Francisco-based commercial mortgage banking and investment firm, which last fall opened an office Las Vegas, also has branch offices in Irvine, Los Angeles, Sacramento and San Jose. “There is an awful lot of synergy with Southern California and Arizona in terms of borrowers and property,” says Peter G. Welsh, Newmark’s managing principal in Southern California. “Knowing that the Phoenix market is one of the fastest growing in the country makes it a good long term investment to establish an office.”

Welsh tells GlobeSt.com that the firm has been planning to open a local office since its inception in April 2004. “When we formed Newmark in Southern California our plan was to eventually have an office in Arizona when the right person came along,” he says. “The market is very competitive and we would have only entered the market with the right person.”

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