NEW YORK CITY—Newmark Holdings completed $500 million in financing transactions in 2015. The firm closed a total of 11 loan transactions over the course of the year, much of it earmarked to refinance and upgrade properties in the company's 10-million-square-foot portfolio as well as fund new acquisitions.
"This was a banner year for the company in terms of validating the growing value of the portfolio," says Newmark Holdings' principal Eric Gural. "The overall success of Newmark Holdings and volume of financing transactions throughout 2015 was a team effort."
Adds principal Brian Steinwurtzel, "The low-risk financing we have secured is all part of our overall strategy to expand our growing portfolio throughout the New York metro area as well as enhance the profitability of our assets through continued capital improvements. These upgrades speak to the importance we place on asset management and have also led to the continued successful leasing of the office and retail space we own."
The major refinancing transactions the company closed throughout the year include a $150 million loan to refinance 40 Worth St. a 16-story, 702,815-square-foot building located in Tribeca; a $100 million loan to refinance 560 Broadway, a, six-floor, 122,454-square-foot office building in Soho; a $40 million loan to refinance 322 Eighth Ave., a 21-story office building in Chelsea; a $37 million loan to refinance 80 Eighth Ave., a 20-story office building in Chelsea; a $23 million loan to refinance 209 W. 38th St., 150,000-square-foot building located in Midtown West; $20 million loan to refinance 318 W. 38th St., an office building in Midtown West; an $8 million loan to refinance 265 Cole St., an office building in Jersey City, NJ; and almost $4 million to refinance 125 W. Third St., a three-story apartment building in Greenwich Village.
In addition, the company closed the following acquisition transactions: $81 million for 40 Exchange Pl., a 20-story office building in the Financial District; $12 million for 10-27 46th Ave., 47,693-square-foot office building in Long Island City; nearly $10 million for the acquisition of 285 N. Sixth St., a five-story, 40,000-square-foot former warehouse in Williamsburg, Brooklyn.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
