Newmark Secures $985 Million Financing on Behalf of 80 Clarkson Developers in New York City
NEW YORK, Aug. 22, 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, announces it has arranged a $985 million loan on behalf of Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC to fund construction of 80 Clarkson, an ultra-luxury condominium development in the West Village of Manhattan in New York City. Newmark's Jordan Roeschlaub and Chris Kramer, in collaboration with Jonathan Firestone, secured the funding from Cale Street Partners and Farallon Capital Management.
80 Clarkson is ideally located on one of the last waterfront residential development sites in the West Village, offering unparalleled 360-degree views of the area. The unique collection of homes with outdoor space and ultra-luxury finishes is complemented by one of the most thoughtfully designed and comprehensive amenity packages in the city, as well as ground-floor retail space.
"We're proud to have arranged this financing by bringing together two unique sources of capital," said Firestone. "This complex, highly structured financing package will enable construction of a skyline-defining property that is truly one of one in the city."
Offering over 100 condominiums, sales of units are scheduled to launch next year with completion expected in 2026 and 2027.
Zeckendorf Development, known for record-breaking projects such as 15 Central Park West, 520 Park Avenue and 18 Gramercy Park South, is leading the design and development of the property. Its gold standard for ultra-luxury condominiums has attracted captains of industry and distinguished celebrities, developing for performance instead of volume.
About Atlas Capital Group
Atlas Capital Group, LLC is a full-service real estate investment, development and management firm. The firm was founded in 2006 by Jeffrey Goldberger and Andrew Cohen to invest in opportunistic and value-added real estate transactions in core gateway cities, with a primary focus on New York and Los Angeles. Atlas's vertically-integrated team includes more than 100 professionals staffed across real estate disciplines, including construction, leasing, development, asset management, property management, accounting, and legal. The company has invested more than $4 billion of equity in the United States across 65 office, retail, residential, hotel, industrial and mixed-use real estate investments comprising over 14 million square feet.
About The Baupost Group LLC
The Baupost Group LLC is a Boston-based investment manager with a long-term, value-oriented approach. Since 1982, the firm has been thoughtfully stewarding and compounding capital on behalf of families, foundations and endowments, as well as employees who collectively are the firm's largest client. Baupost manages roughly $24 billion with a broad and flexible charter, investing in a wide range of asset classes, including significant holdings in publicly traded debt and equity securities, private debt, real estate, and private equity. CEO and Portfolio Manager Seth Klarman has overseen Baupost's investments from the company's inception.
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 June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 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.
