Newmark Facilitates $170M Financing for Centerbridge Partners and Merit Hill Capital's Self Storage Portfolio
On September 28, 2022, Newmark Group, Inc. (NMRK) announced securing $170 million in financing for a 33-asset self-storage portfolio covering 1.8 million square feet, on behalf of Centerbridge Partners and Merit Hill Capital. This portfolio is located in strong markets across 16 states and is well-leased, managed by CubeSmart and Extra Space. The financing was spearheaded by Newmark’s Jordan Roeschlaub and Dustin Stolly, with Bank of America providing the loan. Newmark reported revenues nearing $3.2 billion for the year ending June 30, 2022.
- Secured $170 million financing for a 33-asset self-storage portfolio.
- Portfolio well-leased and located in strong markets across 16 states.
- Financing facilitated by experienced Newmark team including Roeschlaub and Stolly.
- None.
NEW YORK, Sept. 28, 2022 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company") has arranged the
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
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
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.
