NEW YORK, September 28, 2022 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”) organized the $170 million financing a national self-storage portfolio of 33 assets and 1.8 million square feet on behalf of Centerbridge Partners and Merit Hill Capital. The portfolio is well leased and located in strong primary and submarkets across 16 states. The properties are third-party managed by a combination of CubeSmart and Extra Space, widely considered among the best operators in the self-storage industry.
The Newmark team that closed the debt was led by Jordan Roschlaub and Dustin StollyVice Presidents and Co-Heads of the Newmark Debt, Equity and Structured Finance Team, Senior Managing Director Nick Scribaniin partnership with the vice-president Aaron Swerdlin and Senior Managing Director Taucha Hogue of Newmark’s self-storage division. Bank of America provided the loan.
“The success of this transaction relies on the strength of sponsorship between Merit Hill’s operating platform and the capital commitment provided by Centerbridge Capital Partners,” Roeschlaub said.
Stolly added, “Merit Hill Capital’s ability to source deals locally and bring them up to institutional standards is a testament to their deep knowledge of local markets and their ability to continue to grow the platform.
About Centerbridge Partners
Centerbridge Partners is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities. The New York Citybased company invests in both control and non-control opportunities and manages more than $32 billion of assets, with an additional office at London.
About Merit Hill
Merit Hill Capital is a real estate investment firm focused on aggregating one-time investments or small portfolios into private market transactions to create a diversified portfolio of assets. Founded in 2016 by Liz Raun Schlesinger, Merit Hill manages REITs focused on self-storage properties. Merit Hill is headquartered in Brooklyn, New York, and has a team of 28 employees. Merit Hill’s investment team has been an active investor in various market cycles over the past 15 years. Since its inception, Merit Hill has acquired 360 self-storage facilities in 217 separate transactions, comprising more than 158,000 individual storage units and more than 19 million net leasable square feet in 33 states.
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 has generated revenue from nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 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 condition, 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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