Newmark Secures Financing from Bank of America on Behalf of WareSpace and Jadian Capital for Micro-Bay Industrial Portfolio

June 23, 2025 9:00 AM

Newmark announces that it has arranged a $94 million loan on behalf of WareSpace and Jadian Capital to refinance a portfolio of micro-bay industrial assets operating under the WareSpace brand.

Newmark Global Debt & Structured Finance secured the financing from Bank of America. The Newmark team was led by Co-President Jordan Roeschlaub, Vice Chairman Nick Scribani, and Director Chris Lozinak.

WareSpace, the leading owner-operator in micro-bay industrial, assembled the portfolio over the past three years by strategically acquiring vacant infill properties in high-growth markets. WareSpace converts buildings into flexible, turnkey industrial suites ranging from 200 to 2,500 square feet with a proprietary racking partition system and serves businesses in such industries as construction, professional services, logistics, eCommerce, and manufacturing.

“Small businesses drive nearly half the U.S. economy, but their real estate needs have long been underserved. Between strong small business formation and virtually no new infill supply, small bay vacancy is now the lowest in the industrial sector,” said Levi Cohen, CEO of WareSpace. “WareSpace fills this gap by offering affordable, modern, and service-rich industrial space tailored to small businesses – with transparent pricing, no personal guarantees, and minimal upfront costs. Our mission is to empower businesses with the infrastructure they need to grow.”

“This financing with Bank of America demonstrates how institutional capital providers have come to appreciate the WareSpace value proposition” said Matthew Hennessy, Director at Jadian Capital. “With our capital backing and strong tenant demand, WareSpace plans to scale our current 20-asset footprint to 50+ locations in the next several years, bringing high-quality industrial space to more growing businesses across the country.”

About WareSpace
WareSpace is the preeminent industrial platform serving small businesses. Formed in 2021 by Levi Cohen, Joseph Ely, Samantha Rubenstein, and Jadian, WareSpace acquires and converts infill assets into flexible amenity-rich industrial suites designed for small businesses. With units ranging from 200 to 2,500 square feet, WareSpace delivers a turnkey experience that goes beyond physical space, providing integrated services that help small businesses grow. Amenities include industrial racking, shared loading docks, on-site warehouse equipment, secure WiFi, climate control, and 24/7 secured access, enabling tenants to move in and begin running their businesses immediately.

About Jadian Capital
Jadian is an investment firm founded in 2017 focused on alternative real estate and asset-intensive businesses. The firm invests across the capital structure, primarily in new or growing platforms, as well as in special situations. Jadian is headquartered in Stamford, Connecticut, with an additional office in New York. The firm currently manages approximately $2.7 billion on behalf of leading institutional investors.

About Newmark
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. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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Statements in this document regarding Newmark 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. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.