NEW
YORK, Sept. 28, 2022 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company") has
arranged the $170 million financing
of a 33-asset, 1.8 million-square-foot national self-storage
portfolio on behalf of Centerbridge Partners and Merit Hill
Capital. The portfolio is well-leased and located in strong primary
markets and submarkets across 16 states. The properties are
third-party managed by a combination of CubeSmart and Extra Space,
broadly considered among the top operators in the self-storage
sector.
The Newmark team that closed the debt was led by Jordan Roeschlaub and Dustin Stolly, Vice-Chairmen and Co-Heads of the
Newmark Debt, Equity and Structured Finance Team, Senior Managing
Director Nick Scribani, in
partnership with Vice Chairman Aaron
Swerdlin and Senior Managing Director Taucha Hogue of Newmark's Self-Storage
Division. Bank of America provided the loan.
"Driving the success of this transaction is the strength of the
sponsorship between Merit Hill's operating platform and the equity
commitment provided by Centerbridge Capital Partners," said
Roeschlaub.
Stolly added, "Merit Hill Capital's ability to source deals
locally and bring them to institutional standards speaks to their
deep knowledge of local markets and ability to continue expanding
the platform."
About Centerbridge Partners
Centerbridge Partners is a
multi-strategy private investment firm focused on leveraged buyouts
and distressed securities. The New York
City-based firm invests in both control and non-control
opportunities and manages over $32
billion of assets, with an additional office in London.
About Merit Hill
Merit Hill Capital is a real estate
investment firm focused on aggregating one-off or small portfolio
investments in private market transactions to create a diversified
portfolio of assets. Founded in 2016 by Liz
Raun Schlesinger, Merit Hill manages REITs focusing on
self-storage properties. Merit Hill is headquartered in
Brooklyn, New York, and has a team
of 28 employees. The Merit Hill investment team has been an active
investor in varying market cycles over the past 15+ years. Since
its inception, Merit Hill has acquired 360 self-storage facilities
in 217 separate transactions, consisting of more than 158,000
individual storage units and more than 19 million net rentable
square feet across 33 states.
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 nearly $3.2 billion for the twelve months ending
June 30, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 170 offices with over 6,500 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.