Newmark is pleased to announce that its Debt & Structured Finance team secured $31 million in financing on behalf of Brickman from Varde Partners for the refinancing of 200 SE 1st Street in Miami, Florida. The Newmark team that arranged the transaction was led by Vice Chairmen and Co-Heads Jordan Roeschlaub and Dustin Stolly, Managing Director Chris Kramer and Associate Director Josh Egert.
The property is a 12-story, 142,000 SF office building with street-level retail space and a diversified tenant roster. Brickman purchased the building in 2016 and embarked on a substantial capital improvement plan to reposition the asset as a Class-A office building. The property is situated in the heart of Downtown Miami and just steps from the area’s major public transportation hubs, amenities and attractions.
“Brickman established a foothold in this pocket of Downtown Miami,” said Mr. Roeschlaub. “They have a keen understanding of the type of office product the market commands. This financing is uniquely structured to accommodate their strategy while also providing flexibility,” Mr. Roeschlaub added.
Brickman is a New York based real estate investor and operator led by Bruce Brickman. Brickman is a vertically-integrated investment management platform that has invested over $1.5 billion of equity, primarily through seven commingled private funds, on behalf of institutional and high net worth investors. The company has owned, operated, leased and asset-managed over 8.6 million square feet of office property, with a current office portfolio of 2.3 million square feet in eight markets across the United States.
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.
Discussion of Forward-Looking Statements about Newmark Group
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.