NEW
YORK, July 31, 2024 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the
Company"), a leading commercial real estate advisor and service
provider to large institutional investors, global corporations, and
other owners and occupiers, and Greystone Capital Advisors announce
they have arranged $560 million in
floating-rate debt on behalf of Ares Management and Douglaston
Development for 3ELEVEN, a 60-story, 938-unit luxury apartment
tower located just south of Manhattan's Hudson Yards district. The
financing, which repays the HSBC construction loan, was arranged by
Newmark's Jordan Roeschlaub and
Nick Scribani, in collaboration with
Jonathan Firestone, as well as
Drew Fletcher, Paul Fried and Bryan
Grover of Greystone Capital Advisors.
"Securing favorable financing terms for this complex transaction
demonstrates our team's unique ability to navigate the complexities
of the market and deliver outstanding results for our clients,"
said Firestone, Co-President,
Global Debt & Structured Finance.
"We are thrilled to have facilitated this significant
refinancing for 3ELEVEN, highlighting the exceptional quality and
appeal of the property and reflecting the strong collaboration
between Ares, Douglaston, Newmark
and our team," said Drew Fletcher,
President of Greystone Capital Advisors
Completed just over one year ago, the 99% leased property
benefits from a 35-year tax abatement in exchange for reserving a
portion of the units for affordable housing under New York State's now-discontinued 421-a
program. Managed by Clinton Management, the Property Management
affiliate of Douglaston Development, 3ELEVEN spans the west side of
11th Avenue from West 29th to West 30th Streets. Its prime location
offers proximity to the high-end shops and restaurants, the Hudson
River and the High Line elevated park.
3ELEVEN offers apartments ranging from studios to three
bedrooms, with premium amenities such as a pool with cabanas, a
fitness center with a yoga studio, a theater, coworking spaces with
conference rooms, music practice rooms and multiple outdoor
gathering areas, including a 42nd-floor terrace and dedicated dog
runs.
About Greystone
Greystone is a national commercial real estate lending,
investment, and advisory company known for its leadership in
multifamily and healthcare finance. Services include commercial
lending through various platforms such as Fannie Mae, Freddie Mac,
CMBS, FHA, USDA, bridge, and mezzanine loans. Greystone Capital
Advisors is a full-service real estate capital intermediary and
advisory team serving prominent real estate owners and developers
across the U.S. For more information, visit www.greyco.com.
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. For the year ended December
31, 2023, Newmark generated revenues of approximately
$2.5 billion. As of March 31, 2024, Newmark's company-owned offices,
together with its business partners, operate from approximately 170
offices with 7,600 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 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.