Newmark Arranges $350 Million Loan for 16-Property Suburban Office Portfolio

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Jun 14, 2021, 14:00 ET

NEW YORK, June 14, 2021 /PRNewswire/ -- Newmark, on behalf of Angelo Gordon and the WE'RE Group, has arranged a $350 million floating rate, securitized loan for the financing of 16 suburban office assets, spanning 2 million square feet across Long Island's Nassau and Suffolk Counties. The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of the New York Debt & Structured Finance team. The Single Asset Single Borrower securitization was led by Barclays and Citi.

Consisting of both traditional and medical office, the portfolio is strategically located along the North Shore of Long Island, which contains some of Long Island's strongest submarkets. All assets are located within proximity to major arterials, with the Nassau County assets nearby multiple highly renowned hospitals. The well-occupied and diversified portfolio is currently 89.3% leased to various tenants in the medical, finance and law industries with no single tenant encompassing more than 18.2% of net rentable area.

Stolly commented, "By leveraging the high-quality rent roll and committed tenancy with this best-in-class sponsorship, we were able to achieve a successful execution for all parties involved."

Roeschlaub pointed out, "Angelo Gordon has acquired an attractive portfolio with diversified cash flow. We were able to leverage our deep SASB experience to provide an accretive financing solution for the portfolio."

Skillfully owned and operated by the WE'RE Group for nearly 50 years, Angelo Gordon entered the portfolio ownership structure in 2019, when the two groups formed a joint venture agreement including many assets within the WE'RE Groups existing portfolio. The partnership creates a unique ability to leverage both Angelo Gordon's institutional capabilities and the WE'RE Group's operational expertise in order to generate significant growth amongst all the portfolio's assets.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.

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SOURCE Newmark Group, Inc.