Newmark and Greystone Secure $560 Million Refinancing on Behalf of Ares Management and Douglaston Development for 3ELEVEN
NEW YORK, July 31, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, and Greystone Capital Advisors announce they have arranged $560 million in floating-rate debt on behalf of Ares Management and Douglaston Development for 3ELEVEN, a 60-story, 938-unit luxury apartment tower located just south of Manhattan's Hudson Yards district. The financing, which repays the HSBC construction loan, was arranged by Newmark's Jordan Roeschlaub and Nick Scribani, in collaboration with Jonathan Firestone, as well as Drew Fletcher, Paul Fried and Bryan Grover of Greystone Capital Advisors.
"Securing favorable financing terms for this complex transaction demonstrates our team's unique ability to navigate the complexities of the market and deliver outstanding results for our clients," said Firestone, Co-President, Global Debt & Structured Finance.
"We are thrilled to have facilitated this significant refinancing for 3ELEVEN, highlighting the exceptional quality and appeal of the property and reflecting the strong collaboration between Ares, Douglaston, Newmark and our team," said Drew Fletcher, President of Greystone Capital Advisors
Completed just over one year ago, the 99% leased property benefits from a 35-year tax abatement in exchange for reserving a portion of the units for affordable housing under New York State's now-discontinued 421-a program. Managed by Clinton Management, the Property Management affiliate of Douglaston Development, 3ELEVEN spans the west side of 11th Avenue from West 29th to West 30th Streets. Its prime location offers proximity to the high-end shops and restaurants, the Hudson River and the High Line elevated park.
3ELEVEN offers apartments ranging from studios to three bedrooms, with premium amenities such as a pool with cabanas, a fitness center with a yoga studio, a theater, coworking spaces with conference rooms, music practice rooms and multiple outdoor gathering areas, including a 42nd-floor terrace and dedicated dog runs.
About Greystone
Greystone is a national commercial real estate lending, investment, and advisory company known for its leadership in multifamily and healthcare finance. Services include commercial lending through various platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge, and mezzanine loans. Greystone Capital Advisors is a full-service real estate capital intermediary and advisory team serving prominent real estate owners and developers across the U.S. For more information, visit www.greyco.com.
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. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 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 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.
