Newmark is pleased to announce that its Debt & Structured Finance team has secured $38 million in financing on behalf of Landex Development from Eagle Bank for the refinancing of Studio 3807, a newly constructed multifamily property located in Brentwood, Maryland. The Newmark team that arranged the transaction was led by Vice Chairmen and Co-Heads Dustin Stolly and Jordan Roeschlaub, along with Senior Managing Director Daniel Fromm and Associate Director Josh Egert.
Studio 3807 was delivered in the summer of 2018 and contains 147 units as well as more than 6,000 square feet of retail space, 3,000 square feet of artist studios and 192 parking spaces. The project is the culmination of a public-private partnership between Prince George’s County and Landex. Situated in the heart of the county’s Gateway Arts District, the property is a gathering place where artists and other local community stakeholders can meet and share ideas.
“Landex built a property that will have a meaningful impact on the area,” said Mr. Roeschlaub. “The project represents an investment in community-building and the arts.”
“Eagle Bank was a natural fit to finance this building,” added Mr. Fromm, “and we are pleased to have been able to arrange financing that constmet all the needs of our client.”
Founded in 1983, Landex Development is a family-owned real estate development company that specializes in the formation of public-private partnerships for the acquisition, rehabilitation and new construction of market-rate, mixed-income and affordable multifamily housing communities in urban settings. Their geographies include Maryland, Florida, Massachusetts, Pennsylvania, Missouri, North Carolina, New Jersey, Utah, Virginia, Washington and the District of Columbia. The firm has developed and operated more than 7,500 high-quality, well-constructed and well-managed multifamily housing apartments for lease.
Landex is particularly experienced in forming partnerships with government entities and in leveraging a variety of public funding sources, including low-income housing tax credits, HOPE VI, US HUD’s Rental Assistance Demonstration program, HOME, CDBG, Section 108 loan guarantees, EB-5 Immigrant Investor Program and other state, local, and private funding sources.
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.