Global commercial real estate advisory firm Newmark is pleased to announce a $52 million floating-rate loan it arranged for the refinancing of 263 West 34th Street located in New York, NY. A Newmark team of Vice Chairmen and Co-Heads of Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub, Senior Managing Director Daniel Fromm and Managing Director Nick Scribani represented the owner, Churchill Real Estate Holdings. The loan was provided by Marathon Asset Management.
263 West 34th Street will be a brand-new boutique office building featuring 26,678 square feet of office space, and 16,000 square feet of retail with 80 feet of prime frontage along 34th Street. The extremely flexible office floor plates of 5,336 square feet appeal to both small companies and subdivisions of large corporations.
The property’s 8,000 square feet of ground floor retail space is prominently situated along the 34th Street retail corridor, offering tenants the benefit of high-traffic thoroughfares and maximum visibility. Construction is anticipated to complete this month.
“The property is in a prime position to take advantage of growing trends within the market. The Class A build out, small floor plates, and outdoor rooftop space caters extremely well to the continuously growing tech presence in New York,” said Stolly.
“The property’s location will greatly benefit and be further improved by the nearby Hudson Yards and Manhattan West mixed-use developments as well as the $3 billion renovation and transformation of Penn Station.” added Roeschlaub.
About Churchill Real Estate Holdings
Established as a vertically integrated firm in 2014, Churchill Real Estate Holdings has evolved into an alternative real estate investment platform offering short term debt products and equity-oriented solutions to institutional and private clients. Prior to its inception, Justin Ehrlich and Sorabh Maheshwari had completed over $5 billion of debt and equity transactions, including 250 Bowery, 11 North Moore, 290 West Street, 471 Washington, 157 Hudson, 13 Laight, 257 Water, and 7900 Hollywood Boulevard. The above projects, with the exception of 257 Water, were all development projects. With extensive experience in development and asset management, an eye for creatively unlocking capital-driving value, and demonstrated structuring capabilities and risk mitigation strategies, Churchill Real Estate Holdings established a strong market presence and continues to execute successful deals across various asset classes in New York City.
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.
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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.