Newmark Capital Markets has successfully arranged a $23,000,000 refinancing loan for Hewing Hotel in Minneapolis, Minnesota. Executive Managing Director Ben Greazel of Newmark’s Chicago Capital Markets group originated the four-year, non-course loan on behalf of the borrower, an experienced sponsor with a long track record of success. Greazel secured the financing with Chicago based Alliant Credit Union.
Hewing Hotel, which opened in 2016, was co-developed by Chicago-based Aparium Hotel Group who also owns and manages the hotel. Located at 300 N. Washington Avenue, Hewing Hotel is the #1 rated hotel in the mid-west by Conde Nast Traveler. The century-old brick-and-timber warehouse in Minneapolis’s historic North Loop neighborhood has been reshaped into a unique, 124-room and 14-suite hotel featuring original pine timber beams; local artwork; a fitness center; rooftop bar, spa pool and sauna and a street level, flagship restuaurant, Tullibee.
“Hewing Hotel’s unique design combined with Aparium’s expertise at hospitality management resulted in a tremendous opening success that made this financing possible,” said Greazel.
About Aparium Hotel Group
Founded in 2011, Aparium Hotel Group is a Chicago-based, leading lifestyle hotel company owned and operated by industry veterans accomplished in hotel development, management and marketing. Aparium Hotel Group’s growth is guided by its “Translocal Hospitality” philosophy, which is the belief that great hotels are a destination sought out by travelers and a place that thrives as a gathering hub for locals. Adept in both adaptive reuse projects and ground-up developments, each of Aparium Hotel Group’s properties are independent brands and celebrate the specific neighborhoods and unique history of the distinct cities in which they reside. Aparium Hotel Group currently operates eleven hotel properties across the United States with eight new projects in various stages of development. For more information about Aparium Hotel Group, please visit www.aparium.com.
About Newmark Capital Markets
Newmark Capital Marketsis one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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 and BGC’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.