NEW
YORK, March 14, 2023 /PRNewswire/
-- Newmark has raised $500
million for a programmatic joint venture ("the Venture")
between a global real estate private equity firm and Castle Park
Investments ("CPI") that will focus on core plus and value-add
manufactured housing communities ("MHC"), recreational vehicle
("RV") resorts and campground assets across the U.S. The team was
led by Newmark's Co-Heads of Debt & Structured Finance
Jordan Roeschlaub and
Dustin Stolly, along with Director
Eden Abraham.
The Venture's focus on the acquisition of MHC, RV resorts and
campgrounds provides the opportunity to generate core plus to high
value-add returns through leasing, repositioning and limited
redevelopment. The Venture was seeded by the acquisition of a 700+
pad portfolio across strategic markets in Ohio and Pennsylvania. Newmark is also arranging the
debt financing for the Venture.
The Venture will target MHC assets in strategic markets across
the U.S., where the asset class presents a strong affordability
option relative to other forms of housing. The Venture will target
RV and campground destination assets where historical performance
demonstrates a strong demand for long-term reservations.
"Manufactured housing as an asset class is one of the only real
estate sectors that experienced positive earnings growth in the
last two recessions while showing significant resilience during the
pandemic," commented Roeschlaub.
"With the continued limited supply of MHCs and RV resorts, this
opportunity was extremely well received by the capital markets
community due to the nation's continued need for affordable
housing," added Stolly.
The effort to raise capital for the program is part of Newmark's
continued push into complex joint venture financing. The initiative
focuses on raising capital for both platform and programmatic joint
ventures.
"We are excited about the opportunity to grow our platform and
to deliver exceptional results for our new partner. The capital
commitment is a testament to our dedicated and hard-working team at
Castle Park," commented CPI Co-Founder Evan
Bernstein.
"This programmatic investment facilitates our ability to provide
affordable housing for years to come," concluded CPI Co-Founder
Brad Scott.
About Castle Park Investments
Castle Park Investments,
LLC is a New York based Real
Estate Private Equity firm focused on niche investment
opportunities. Castle Park sources investments nationwide and
implores strict deal screening criteria to generate long term
wealth and cash flow while protecting investor capital. Founded in
2020, Castle Park was formed by Brad
Scott and Evan Bernstein to
aggregate portfolio of assets across target U.S. markets through
acquisitions and ground up development. The Castle Park executive
team has acquired over 10,500 MH and RV sites in their careers.
Castle Park currently owns and operates 18 assets totaling over
2,800 units with over $150mm of assets under management.
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 approximately
$2.7 billion for the year ending
December 31, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 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.