Newmark Arranges $300 Million Self Storage Joint Venture With Maya Capital Partners and Artemis Real Estate Partners
Newmark has facilitated a $300 million joint venture between Maya Capital Partners and Artemis Real Estate Partners, targeting high-quality self-storage assets in the Northeastern United States. The venture starts with the acquisition of a 1,120-unit Class A self-storage facility in New Rochelle, NY, which is 100% climate-controlled and ready for immediate lease-up. CIBC provided financing for this transaction. This initiative reflects Newmark's strategy of expanding complex joint venture financing, having recently arranged a $1 billion cold storage venture with $350 million in equity.
- Successful arrangement of a $300 million joint venture indicates strong market demand for self-storage assets.
- Acquisition of a Class A self-storage asset demonstrates the potential for immediate rental revenue.
- The joint venture showcases Newmark's expertise in complex financing solutions.
- None.
NEW YORK, Dec. 8, 2022 /PRNewswire/ -- Newmark announces that the firm has arranged a
Transactions will comprise both marketed and off-market acquisitions of high-quality value-add properties and certificate of occupancy lease-up plays with the goal of creating a diverse portfolio of assets. The Venture was seeded by the acquisition of a 1,120-unit Class A self-storage asset in New Rochelle, New York. The 96,693-square-foot facility consists of a single, four-level building that is
The Venture will utilize Maya's existing "Drive Up Storage" brand, a tech-forward operating system, remote management and deep data analytic capacity, and on-site, kiosk-driven customer interaction and interfacing.
"Maya has great success in the self-storage space and this new venture with Artemis will allow them to vastly expand their platform as they grow to become one of the preeminent storage operators in the region," commented Roeschlaub.
"This opportunity was extremely well received by the capital markets community which speaks to the availability of capital for operators with unique business plans focused on aggregating alternative real estate assets," added Stolly.
The effort to raise capital for the project is part of Newmark's continued push into complex joint venture financing. Led by Stolly and Roeschlaub, the initiative focuses on raising capital for both platform and programmatic joint ventures. The group recently arranged a
Maya Capital Partners is a real estate investment and development company based in New York City. Established in 2016, the Firm is focused on acquiring multifamily and self-storage assets in strong markets throughout the Northeastern United States. To date, Maya Capital Partners has completed acquisitions independently, as well as through strategic joint venture partnerships with institutional operators. The Firm currently owns and operates multifamily and self-storage assets in the Tri-State area and is currently leading development projects in various stages of completion.
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis has raised
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
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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FAQ
What is the recent joint venture arranged by Newmark involving NMRK?
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