Newmark Capital Markets announced today it arranged a $60 million loan on behalf of Slate Property Group, secured through JP Morgan Asset Management, for the recapitalization of 325 Lafayette Avenue in Brooklyn, NY. The team was led by Newmark Capital Markets’ Vice Chairmen and Co-Heads, Debt & Structured Finance, Dustin Stolly and Jordan Roeschlaub, along with Senior Managing Director Daniel Fromm. The financing will be used for the recapitalization of the Class-A luxury apartment development expected for substantial completion in the Fall 2018.
Located in the Clinton Hill neighborhood of Brooklyn, the eight-story property will comprise 116 apartment units, with 40 available parking spaces and 16,943 square feet of street level retail space pre-leased to Key Food and Starbucks. 325 Lafayette Avenue will offer condo-quality finishes and a premier amenity package featuring a fully-equipped rooftop, state-of-the-art fitness center and resident’s media and gaming lounge.
“325 Lafayette’s comprehensive, modern amenity package, as well as excellent transit access enabled lenders to underwrite an accelerated lease-up program,” said Stolly. “This maximized loan proceeds before completion and facilitated the swift launch of this project.”
“The pre-leased commitment of Key Food and Starbucks further speaks to the premier location in the heart of the rapidly transforming Clinton Hill neighborhood,” added Roeschlaub.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is 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”.
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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 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.