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Newmark Capital Markets is pleased to announce that it has arranged a $57 million loan on behalf of Bridgeton Holdings to facilitate the completion and delivery of the 171-key Walker Hotel Tribeca, located at 396 Broadway. The Newmark Capital Markets team - led by Jordan Roeschlaub and Dustin Stolly and accompanied by Nick Scribani, Chris Kramer and Bob Tonnessen - successfully arranged the financing with BoI Federal. Bridgeton Holdings was represented by CEO Atit Jariwala, Managing Director Akash Sharma and VP of Development, Conor O’Byrne.
The building will be Bridgeton’s second Walker Hotel in New York City, with the first in Greenwich Village. The landmarked property stands prominently at the corner of Walker and Broadway, offering unobstructed views of the Manhattan skyline from floors 7 to 10. The 10-story former office property has frontages on Broadway, Walker Street and Cortlandt Alley, making it one of the very few buildings in Manhattan to have two street corners, allowing for maximum exposure and visibility. The property will also be home to Blue Bottle Coffee on the ground floor, with additional food and beverage outlets both on the ground level and rooftop-as well as a speakeasy bar in the cellar. The hotel location within Tribeca’s historic neighborhood affords guests immediate access to shopping, restaurants, art galleries, boutique stores, bars and live music venues.
“Located in the heart of Tribeca, The Walker will provide visitors and members of the local community with a new exciting place to visit and enjoy,” said Mr. Stolly.
“The Walker is a noteworthy addition to Tribeca, a neighborhood resonating with the downtown-oriented demographic that will fill the hotel,” noted Mr. Roeschlaub.
Bridgeton Holdings is a vertically integrated investor, owner, developer and manager of commercial and residential real estate. Since its inception, Bridgeton has consistently achieved superior risk-adjusted returns by targeting and investing in urban real estates with high barriers to entry. Bridgeton invests in assets that offer significant value-add potential through active management, targeted capital improvements and development.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group 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. Except as required by law, Newmark Group 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 Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.