Global commercial real estate advisory firm Newmark arranged the sale and acquisition financing of Park at Salisbury and Garden Springs, a two-property portfolio totaling 532 units in Midlothian and Chester, Virginia. The Newmark team that arranged the financing was led by Vice Chairmen and Co-Heads of Capital Markets Debt & Structured Finance, Dustin Stolly and Jordan Roeschlaub, Senior Managing Director Daniel Fromm and Managing Director Nick Scribani. Executive Managing Director Drew White facilitated the sale of the portfolio.
The Newmark team successfully arranged a $64 million loan from Freddie Mac to facilitate Kushner Companies’ acquisition of the garden-style portfolio.
“The portfolio acquisition was a rare opportunity to acquire a large collection of recent-vintage units with value-add potential in irreplaceable locations within the Richmond MSA, one of Virginia’s most affluent and stable submarkets,” said Stolly.
“The combination of critical mass, strong locations, high occupancies and product variety allows the portfolio to capture the housing needs of a wide variety of renters,” said Roeschlaub.
Each property has proximity to major employment drivers and the area’s major entertainment, retail and dining amenities. Kushner Companies will perform a light value-add business plan to unit interiors and install its renowned property management platform to boost performance.
About Kushner Companies
Kushner Companies is a diversified real estate platform focusing on acquisitions, development, construction, management, lending, leasing and marketing. With more than $4.5 billion in transactions, the firm’s portfolio spans multifamily, office and hotel assets as well as a lending platform. The firm currently owns more than 21,000 units across five states, 2.2 million SF of retail space, 5.4 million SF of office space, 1.5 million SF of industrial space and over 1,100 hotel keys.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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 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.