NEW
YORK, Nov. 4, 2024 /PRNewswire/ -- Newmark
announces it has arranged a $315
million loan on behalf of TPG Angelo Gordon, a
diversified credit and real estate investing platform within TPG,
and Andover Properties for the refinancing of a national 43-asset
self-storage portfolio. Newmark's Co-Presidents of Global Debt
& Structured Finance Jordan
Roeschlaub and Jonathan
Firestone, Vice Chairman Nick
Scribani and Director John
Caraviello arranged the financing, which was provided by
Wells Fargo, Goldman Sachs and 3650 REIT.
"This transaction highlights the market's continued appetite for
well-performing alternative real estate sectors such as
self-storage," said Roeschlaub. "In today's competitive landscape,
credit investors are increasingly looking to diversify their
portfolios beyond traditional real estate sectors with assets that
demonstrate durable cash flow, long-term growth and resilience to
macroeconomic shifts."
The portfolio totals more than 21,300 units across 3.1 million
rentable square feet and is branded under Andover's wholly-owned self-storage platform,
Storage King USA. The portfolio is
strategically located in 24 different markets across 11 states.
Since acquisition, the portfolio has experienced outstanding NOI
growth in excess of 40%.
Self-storage properties are an in-demand property type among
investors. According to Newmark Research, transaction activity
increased 27% from the first quarter to the second quarter in
2024, with activity expected to accelerate over the remainder of
the year.
About TPG
TPG is a leading global alternative asset
management firm, founded in San
Francisco in 1992, with $229
billion of assets under management and investment and
operational teams around the world. TPG invests across a broadly
diversified set of strategies, including private equity, impact,
credit, real estate, and market solutions, and our unique strategy
is driven by collaboration, innovation, and inclusion. Our teams
combine deep product and sector experience with broad capabilities
and expertise to develop differentiated insights and add value for
our fund investors, portfolio companies, management teams, and
communities. For more information, visit www.tpg.com.
About Andover Properties
Andover Properties is an
investment firm specializing in alternative real estate asset
classes such as self-storage, manufactured housing, RV parks, small
bay industrial, and car washes. Andover is one of the largest private
owner-operators of self-storage facilities in the U.S., with a
portfolio totaling over 13.5 million rentable square feet across
162 facilities in 18 states, under the Storage King USA brand. Founded in 2003 by Brian and William Cohen, Andover is headquartered in New York City, with offices in Miami and San
Francisco.
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.