July 6, 2021 9:00 AM
Newmark announces the sale and acquisition financing of four multifamily communities located in Jackson, Mississippi. The properties were sold to Kushner Companies.
The Newmark team who facilitated the financing was led by Jordan Roeschlaub and Dustin Stolly, Vice Chairmen and Co-Heads of the New York Debt & Structured Finance team, along with Senior Managing Director Nick Scribani and Director Issa Abbassi. Blake Pera, Vice Chairman of Newmark’s Multifamily Capital Markets team in Memphis, along with Senior Managing Directors Tommy Bronson III and Bo Flurry and Director Gray Fiser, represented the undisclosed seller.
The portfolio comprises four residential communities with more than 1,200 units across 71 acres. The properties are institutional-quality and highly amenitized, featuring pools, fitness centers, tennis courts, playgrounds, grilling and picnic areas, sundecks and fireplaces. Each of the assets are meticulously maintained and occupancy has been historically high across the portfolio and is expected to remain strong going forward.
Kushner Companies is a diversified, vertically integrated full-service real estate platform focusing on acquisitions, development, construction, management, lending, leasing and marketing. The sponsor’s portfolio spans multifamily, office, retail and hotel assets as well as a lending platform. The firm currently owns more than 24,000 units across eight states, 2.2 million square feet of retail space, 5.4 million square feet of office space, 1 million square feet of industrial space and 697 hotel keys.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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