Newmark Secures $525-Million Refinancing for National Portfolio of 50 Net-Leased Properties
On February 8, 2022, Newmark arranged a $525 million loan for SomeraRoad to refinance a 50-asset, 6.8 million-square-foot industrial portfolio across the U.S. This portfolio is fully leased and has a weighted average lease term of nearly 13 years. The loan was issued by Bank of Montreal and highlights the strong demand in the industrial real estate sector. Newmark's team, led by Jordan Roeschlaub and Dustin Stolly, praised SomeraRoad's achievements in building a diversified and well-managed portfolio.
- Successfully arranged a $525 million loan for a diversified industrial portfolio.
- Portfolio comprises 50 fully leased properties with an average lease term of nearly 13 years.
- Demonstrates strong performance in a favorable industrial debt market.
- None.
NEW YORK, Feb. 8, 2022 /PRNewswire/ -- Newmark announces that it has arranged a
"It is remarkable what the SomeraRoad team has been able to accomplish, aggregating and scaling a strong portfolio and building an impressive net-lease platform in the process," Roeschlaub commented. "The team has compiled a marquee portfolio of industrial properties, acquiring and positioning these assets for success with ingenuity and best-in-class management."
Stolly added, "SomeraRoad has been highly active in acquiring and expanding its industrial net-lease portfolio. The diversity and mission-criticality of the properties, coupled with the continued favorability of the industrial debt market, showed through in this execution."
The portfolio comprises 50 single-tenant assets, spanning 27 states and 40 unique markets – net-leased to a diverse array of 35 companies using their space for a mission-critical functionality. Fully leased with a weighted average lease term of nearly 13 years, the portfolio is highly diversified in both its geography and the industries in which its tenants operate. The wide range of tenant businesses enhances the portfolio's top-of-line credit profile, with that economic diversity further supported by the tenants' respective balance sheets and creditworthiness.
The properties are strategically positioned in proximity to highly trafficked public infrastructure, making each asset critical to the established manufacturing/distribution operations of their tenants. Each site is in great condition, having received significant, recent capital investment made by the underlying tenants, ensuring each property is well suited for its respective use – with a sizable portion of the greater portfolio constructed in the last decade.
About SomeraRoad
SomeraRoad, which comprises more than 30 investment professionals throughout offices in Nashville, New York, Pittsburgh, Indianapolis and Cleveland, was founded in 2016 with a strategy of creating asymmetric, high-return investment opportunities through proprietary sourcing and intensive value addition. They have acquired more than 23 million square feet of real estate in over 50 unique markets, totaling more than
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 in excess of
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.
FAQ
What did Newmark accomplish on February 8, 2022 regarding NMRK?
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