Newmark arranges $150 million financing for 295 Fifth Avenue in Manhattan

NEW YORK, November 17, 2022 /PRNewswire/ — Newmark announces that the company has held a $150 million loan for the financing of 295 Fifth Avenue on behalf of Tribeca Investment Group, Meadow Partners and PGIM Real Estate. 295 Fifth Avenue is a 19-story, 710,000 square foot, fully renovated, soon-to-be-completed trophy office tower located in the heart of the booming neighborhood Downtown South sub-market of manhattan. The Newmark team was led by Dustin Stolly and Jordan RoschlaubVice-Presidents and Co-Heads of the Debt & Structured Finance team, as well as the Deputy Managing Directors Christopher Kramer and Nick ScribaniDirector Ben Kroll and financial analyst Holden Witkoff. Deutsche Pfandbriefbank provided the loan.

“Being able to secure financing for this type of product during this uncertain time is a testament to the quality of collective ownership of the property,” Stolly said. Roeschlaub added: “Since the pandemic, we have seen office users flock to quality assets to attract and retain their talent. The recent high-end modernization of 295 Fifth Avenue will make it a destination property for office tenants in the city. .”

The sponsorship is nearing completion of a comprehensive renovation effort that includes a new double-height lobby, conversion to full-floor open-floor slabs, and a penthouse addition with floor-to-ceiling windows overlooking Midtown South Manhattan in addition a complete overhaul of property windows, HVAC and elevators. The capital project also transformed retail storefronts and added significant outdoor space, patios and a new amenity center to the property.

The property is ideally positioned to capitalize on the post-Covid ‘flight to quality’ seen across the city, particularly given its location in the heart of Downtown Southone of the New York one the hottest office rental submarkets. The highly-appointed Class A buildings of this submarket, particularly the Park Avenue South Square Park corridor, where the property is located, have attracted a cluster of businesses led by a strong mix of Fortune 500 financial services companies, media and entertainment and technology companies. These businesses benefit from the area’s combination of live, work and play amenities and tremendous accessibility with Penn Station, Grand Central Station, Port Authority Bus Station and the Path train all within walking distance. .

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark delivers superior service to clients across all industries. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements Regarding Newmark

Statements contained herein 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 regarding 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 significantly, from what is currently expected. Except as required by law, Newmark assumes no obligation to update 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 filings with the Securities and Exchange Commission, including, but not limited to , risk factors and special note on forward-looking statements. Forward-looking information set forth in these documents and any updates to these 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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