NEW
YORK, Nov. 7, 2022 /PRNewswire/ -- Newmark
announces the firm has arranged $360
million in financing for a 50-asset, 3.9 million-square-foot
national self-storage portfolio on behalf of Angelo Gordon and Andover Properties. The
portfolio is well-leased and located in strong primary markets and
submarkets across the country.
The Newmark team that closed the debt was led by Vice-Chairmen
and Co-Heads of Newmark Debt and Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Senior Managing
Director Nick Scribani and Vice
Chairman Aaron Swerdlin and Senior
Managing Director Taucha Hogue of
Newmark's Self-Storage group. Goldman Sachs provided the loan, and
the borrowers were represented by SPC LLP.
"Critical to the success of this transaction was the strength of
sponsorship between Andover, with
its Storage King USA operating
platform, and Angelo Gordon, with
its deep sector experience and large equity commitment to the
portfolio," said Stolly.
Roeschlaub added, "The sponsorship's ability to drive cash flow
growth by institutionalizing mom-and-pop assets speaks to the
strength of their operations and ability to execute on the business
plan."
Angelo Gordon has been investing
in commercial real estate since 1993 and has acquired over
$40 billion of properties globally.
The firm takes a value-added approach through the acquisition of
sub-performing real estate properties across a broad range of
geographic markets and product types.
Andover Properties is one of the largest owner-operators of
self-storage facilities in the United
States. The current portfolio totals over 12.1 million
square feet across 152 facilities in 18 states and operates under
the Storage King USA brand.
About Angelo
Gordon
Angelo, Gordon & Co., L.P. ("Angelo Gordon") is a privately held alternative
investment firm founded in November
1988. The firm currently manages approximately $52 billion with a primary focus on credit and
real estate strategies. Angelo
Gordon has over 600 employees, including more than 200
investment professionals, and is headquartered in New York, with associated offices elsewhere in
the U.S., Europe, and Asia. For more information, visit
www.angelogordon.com.
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. Newmark generated revenues of approximately
$3.1 billion for the twelve months
ending September 30, 2022. Newmark's
company-owned offices, together with its business partners, operate
from approximately 180 offices with nearly 6,700 professionals
around the world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
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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 effects of the COVID-19 pandemic
on 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.