July 6, 2021 1:00 PM
Newmark announces The Witkoff Group has closed on a $93 million purchase of a transit-oriented development site in Downtown Miami. Located at 700 North Miami Avenue, the site is adjacent to the Brightline station, in the heart of the $5 billion Miami Worldcenter master-planned development. The 4.7-acre site is among the last high-density urban development sites in Miami, with an as-of-right zoning that allows for over 2,300 units, 11 FAR and maximum 60 stories.
Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of Newmark’s New York Debt & Structured Finance team arranged the financing for the acquisition and pre-development design work. Mack Real Estate Group provided the floating-rate financing.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
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 effects of the COVID-19 pandemic on 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.