VANCOUVER, BC, Oct. 3, 2022
/PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or
"the Company") announces it has completed the $300+ million sale of
the Western Canadian Continuum of Care Portfolio, an
eight-property, 1,092-suite seniors housing portfolio in
Western Canada. The portfolio
traded from H&H Total Care Services Inc.—a family-owned
business—to a joint venture partnership between Axium
Infrastructure, an independent portfolio management firm with
offices in Canada, the U.S. and
the U.K. and Optima Living, a Western
Canada-focused owner/operator. Newmark Executive Managing
Director Mark Gallagher, Senior
Managing Director BJ Bhal and Managing Director Dave Kalinowsky represented the seller on
the transaction.
"This strategic portfolio transaction provides the joint venture
partnership with immediate scale and considerable market share of
funded seniors housing residences in Western Canada," said Gallagher.
The portfolio features a balanced mix of assisted living and
independent living suites and funded long-term care and complex
care beds and private pay complex care beds. The portfolio is
relatively new, with an average building age of 10 years and three
residences opened since 2019. In addition, three of the assets
provide the new ownership with over 360 units of
development/expansion opportunities. The properties are each
positioned well within their respective markets and spread across
some of Canada's most desirable retirement communities.
The transaction took place in a rapidly changing interest rate
environment; the scale and complexity of the project required
careful coordination and advisory by Newmark Canada's Seniors Housing group among
multiple stakeholders, including the various regional health
authorities, financial and tax planning consultants, debt and
financing advisors and the various teams of legal experts/counsel
on the file.
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 $3.2
billion for the twelve months ending June 30, 2022. Newmark's company-owned offices,
together with its business partners, operate from approximately 170
offices with 6,500 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 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.