NEW YORK, Dec. 21, 2015 /PRNewswire/ -- Newmark Holdings, a vertically integrated owner, operator, property manager and developer of commercial real estate, today announced the total tally of the company's financing transactions in 2015: $500 Million. The firm closed a total of 11 loan transactions over the course of the year, much of it earmarked to refinance and upgrade legacy properties in their 10 million square foot portfolio as well as fund new acquisitions.
The announcement was made by Principals Eric Gural and Brian Steinwurtzel of Newmark Holdings.
"The overall success of Newmark Holdings and volume of financing transactions throughout 2015 was truly a team effort on the part of all our professionals. This was a banner year for the company in terms of validating the growing value of the portfolio," said Mr. Gural.
Added Mr. 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 the following:
- $150 million loan to refinance 40 Worth Street, a 16-story, 702,815-square-foot building located in Tribeca
- $100 million loan to refinance 560 Broadway, a, six-floor, 122,454-square-foot office building located in Soho
- $40 million loan to refinance 322 8th Avenue, a 21-story office building in Chelsea
- $37 million loan to refinance 80 Eighth Avenue, a 20-story office building in Chelsea
- $23 million loan to refinance 209 West 38th Street, 150,000-square-foot building located in Midtown West
- $20 million loan to refinance 318 West 38th Street, an office building in Midtown West
- $8 million loan to refinance 265 Cole Street, an office building in Jersey City, NJ
- $3.5 million to refinance 125 West 3rd Street, a three-story apartment building in Greenwich Village
In addition, the company closed the following acquisition transactions:
- $81 million for the acquisition of 40 Exchange Place, a 20-story office building in the Financial District
- $12 million for the acquisition of 10-27 46th Avenue, 47,693-square-foot office building in Long Island City
- $9.9 million for the acquisition of 285 North 6th Street, a five-story, 40,000-square-foot former warehouse in Williamsburg, Brooklyn
Newmark Holdings is among the top five private owners of office and industrial property in New York City, with more than 45 buildings in the portfolio. In addition, Newmark Holdings serves as third-party property manager for owners in New York, and manages more than 13 million square feet of space for its own account and for its clients.
About Newmark Holdings
Newmark Holdings, led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, is a vertically integrated owner, operator, property manager and developer of commercial real estate with its 63-year-history of hands-on asset management and portfolio of more than 10 million square feet of commercial properties throughout New York City.
SOURCE Newmark Holdings