Newmark Capital Markets announced today on behalf of NBP Capital and Berggruen Holdings, it has successfully arranged a $75.5 million loan from ACORE Capital, for the refinancing of Class A multi-family complex known as The Douglas. The Newmark Capital Markets team was led by Vice Chairmen and Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly and Managing Directors Chris Kramer and Nick Scribani.
The property is a 290-unit, 92 percent occupied, mid-rise apartments with sprawling city, mountain and river views located in Downtown Portland. The loan was used to retire existing debt at a lower cost of capital. NBP Capital and Berggruen Holdings have owned the asset since 2015 and have completed extensive capital improvements, most of which was completed over the past 12 months. The Douglas takes advantage of its unique qualities, such as townhome units with private garages, backyard spaces and large unit sizes.
“The combination of institutional sponsorship as well as a Class A quality asset, made this opportunity highly attractive to lenders,” said Mr. Roeschlaub. “ACORE was able to provide flexibility that will allow NBP and Berggruen to execute their business plan.”
The property also includes roughly 17,000 square feet of retail space, home to a spa, sports bar, property management services and restaurant space. The Douglas is located on the waterfront of the Willamette River, adjacent to Governor Tom McCall Waterfront Park, the largest public park in the downtown Portland area and near the area’s largest employers and higher educational campuses.
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 15,000 professionals operate from more than 400 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 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 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 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.