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.