NEW
YORK, March 17, 2023 /PRNewswire/ -- On
behalf of BentallGreenOak and Slate Property Group, Newmark has
arranged a $248 million refinancing
of The Biltmore, a 464-unit luxury apartment building complemented
by 47,397 square feet of commercial space located in New York City's dynamic Midtown West submarket. The Newmark team was led
by Co-Heads of Newmark Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Senior Managing
Directors Nick Scribani and
Chris Kramer. Square Mile Capital
and Clarion Partners provided the loan.
The recently upgraded asset features a renovated lobby, full
floor of upgraded amenities and modernized elevator systems.
"The multifamily market in New York
City has been a strong performer despite the headwinds over
the past few years and quality assets that offer a mixed-use
component remain a top choice for owners," said Roeschlaub. "We
believe that the financing provided by our partners at Square Mile
Capital and Clarion will allow for ownership to successfully
complete strategic upgrades to this iconic asset," added
Stolly.
The Biltmore was constructed in 2003 and spans 51 stories,
featuring stunning views of the city skyline and Hudson River. The 464 apartment units combine
upscale finishes with a comprehensive amenity package. Tenant
amenities include a 24-hour concierge, fitness center, game room,
lounge, movie/TV screening room and roof deck complemented by a
61-space attended parking garage. The commercial space of the
property features food and beverage purveyors, convenience-oriented
retail, boutique fitness and a medical office.
Ideally situated in New York
City's Midtown West
submarket, The Biltmore is favorably positioned in one of
Manhattan's most accessible
locations and is conveniently located near Hudson Yards, major
Midtown employers, hip restaurants and nightlife destinations,
iconic entertainment venues, Columbus
Circle, Central Park and Times Square.
About BentallGreenOak
BentallGreenOak is a leading,
global real estate investment management advisor and a
globally-recognized provider of real estate services.
BentallGreenOak serves the interests of more than 750 institutional
clients with approximately $83 billion
USD of assets under management (as of December 31, 2022) and expertise in the asset
management of office, industrial, multi-residential, retail and
hospitality property across the globe. BentallGreenOak has offices
in 28 cities across fourteen countries with deep, local knowledge,
experience, and extensive networks in the regions where we invest
in and manage real estate assets on behalf of our clients in
primary, secondary and co-investment markets. BentallGreenOak is a
part of SLC Management, which is the alternatives asset management
business of Sun Life.
The assets under management shown above includes real estate
equity and mortgage investments managed by the BentallGreenOak
group of companies and their affiliates, and as of 1Q21, includes
certain uncalled capital commitments for discretionary capital
until they are legally expired and excludes certain uncalled
capital commitments where the investor has complete discretion over
investment.
For more information, please visit www.bentallgreenoak.com
About Slate Property Group
Slate Property Group is a
vertically integrated owner, operator, and developer of residential
and commercial real estate in the New
York metropolitan area. From adaptive reuse and
repositioning of existing assets to ground-up development, the
Slate team leverages extensive experience in the residential asset
class, in-house teams dedicated to the separate phases of a real
estate investment, and a regimented approach towards executing a
business plan to seek superior risk-adjusted returns for its
investors. Slate Property Group has invested in $6.4 billion of real estate across 110+
investments. In order to continue the successful execution of the
existing and future real estate projects, Slate employs an
experienced and educated team with over 115 full-time employees
across its various arms.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. Newmark generated revenues of approximately
$2.7 billion for the year ending
December 31, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 professionals
around the world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the effects of the COVID-19 pandemic
on the Company's business, results, financial position, liquidity
and outlook, which may constitute forward-looking statements and
are subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.