Newmark Arranges $718.5 Million SASB Recapitalization of 13-Property Multifamily Portfolio for Keller Investment Properties

Rhea-AI Summary

Newmark (Nasdaq: NMRK) arranged a $718.5 million Single-Asset, Single-Borrower (SASB) recapitalization for a 13-property, 3,321‑unit multifamily portfolio across Arizona, Nevada and Utah on behalf of Keller Investment Properties, with Nomura as lender.

According to Newmark, the mortgage-only financing, rated by Moody's and Fitch, achieved approximately 79% loan-to-value and a 6.6% debt yield, providing Keller with a long-term debt solution while preserving ownership of a geographically diversified portfolio in key Western U.S. growth markets.

Positive

• $718.5 million SASB recapitalization mandate showcases large-scale advisory capability
• Financing achieved approximately 79% loan-to-value and 6.6% debt yield
• Execution rated by both Moody's and Fitch, supporting institutional capital appeal
• Transaction covers 13 properties and 3,321 units in Western U.S. growth markets
• Newmark highlights a comprehensive process delivering multiple tailored financing alternatives
• Trailing 12-month revenues of more than $3.6 billion as of June 30, 2026

Negative

• None.

Market Context

NMRK's recent news-linked record ranged from -1.89% to 3.4%, adding mixed historical context to this...

Analysis

NMRK's recent news-linked record ranged from -1.89% to 3.4%, adding mixed historical context to this recapitalization. The financing metrics and portfolio concentration are the main details to monitor; low short positioning is an additional risk context.

Key Figures

Recapitalization: $718.5 million Properties: 13 properties Units: 3,321 units +3 more

6 metrics

Recapitalization $718.5 million 13-property multifamily portfolio

Properties 13 properties Multifamily portfolio

Units 3,321 units Arizona, Nevada and Utah portfolio

Loan-to-value 79% loan-to-value Rated SASB financing

Debt yield 6.6% debt yield Rated SASB financing

Revenue More than $3.6 billion Newmark twelve months ended June 30, 2026

Historical Context

5 past events · Latest: Jul 17 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 17	Property management assignment	Positive	-1.9%	Awarded management assignment covering more than 21 million square feet of office properties
Jul 06	Property refinancing	Positive	+0.3%	Arranged $515 million fixed-rate refinancing for Rithm Capital's Manhattan office tower
Jul 01	Earnings announcement scheduling	Neutral	+1.6%	Scheduled release of second-quarter 2026 financial results and conference call
Jun 24	Leadership appointment	Neutral	-0.1%	Added Munish Viralam to lead the Real Estate Strategy and Consulting Group
Jun 09	Headquarters lease	Positive	+3.4%	Represented Brooklyn Defender Services in a 212,000-square-foot headquarters lease

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

NMRK's recent news reactions were mixed, with positive operating and transaction announcements producing both gains and declines.

Key Terms

sasb, loan-to-value, debt yield, mortgage debt

4 terms

sasb financial

"arranged a $718.5 million Single-Asset, Single-Borrower (SASB) recapitalization"

SASB stands for the Sustainability Accounting Standards Board, an organization that created industry-specific guidelines for companies to report environmental, social and governance factors that are likely to affect their financial performance. Think of it as a standardized checklist that helps investors compare how well different companies manage risks like pollution, labor practices or product safety — similar to using a common recipe so you can fairly judge different cooks. Clear, consistent SASB disclosures make it easier for investors to spot hidden risks and long-term value drivers.

loan-to-value financial

"the financing achieved approximately 79% loan-to-value"

Loan-to-value is the percentage that shows how large a loan is compared with the appraised value of the asset backing it, for example a house or other property. Investors care because a higher percentage means more of the asset’s value is borrowed — like buying a car with almost no down payment — which increases the chance of loss for lenders and can lead to higher interest rates, stricter terms, or greater risk for holders of related securities.

debt yield financial

"and a 6.6% debt yield"

Debt yield is a simple ratio that divides a property's annual net operating income by the total loan amount, showing the annual return a lender would get from the asset's cash flow if they took ownership. It matters to investors and lenders because it measures the cash-flow cushion against the loan—like a speedometer for risk that does not change with interest rates, helping compare loans on a common basis.

mortgage debt financial

"was structured entirely as mortgage debt"

A mortgage debt is a loan used to buy property where the building or land serves as collateral—if the borrower can’t keep up with payments, the lender can take the property. It matters to investors because widespread mortgage trouble can reduce consumer spending, raise bank losses and depress property values, while healthy mortgage markets support lending, homebuilding and local economic activity; think of it like a car loan but tied to a home that both secures and risks the loan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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IRVINE, Calif., Aug. 6, 2026 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has arranged a $718.5 million Single-Asset, Single-Borrower (SASB) recapitalization for a 13-property multifamily portfolio comprising 3,321 units across Arizona, Nevada and Utah on behalf of owner Keller Investment Properties.

The financing was arranged by Newmark Vice Chairman Darrin Stovall and Executive Managing Director Scot Snowball, in collaboration with Vice Chairman Bill Mott and Director John Chobanian. Nomura served as the lender.

The portfolio includes apartment communities in the Phoenix, Las Vegas, Salt Lake City, Ogden, Provo and Flagstaff markets, totaling approximately 3,321 units. The transaction provided Keller Investment Properties with a long-term debt solution while allowing the firm to maintain ownership of a geographically diversified multifamily portfolio located throughout some of the Western U.S.'s most dynamic growth markets.

The transaction followed a comprehensive process led by Newmark's Multifamily Debt & Structured Finance expert advisory teams, allowing the company to thoroughly evaluate the lending landscape and deliver multiple financing alternatives tailored to Keller's objectives before ultimately securing the financing with Nomura. Rated by both Moody's and Fitch, the financing achieved approximately 79% loan-to-value and a 6.6% debt yield and was structured entirely as mortgage debt.

"Keller Investment Properties has built an exceptional multifamily portfolio across several of the country's most fundamentally strong housing markets. The firm's ownership strategy, operations and long-term vision resonated throughout the financing process," said Stovall. "By leveraging the collective expertise and relationships of our teams, we were able to deliver a tailored debt solution that aligned with Keller's objectives while generating significant interest from the capital markets."

Founded by Scott Keller, Keller Investment Properties has spent more than 35 years building and operating multifamily communities across the Western United States through a disciplined, property-specific investment and management approach.

"This financing represents a significant milestone for Keller Investment Properties, as it was our first SASB execution and provided a long-term capital solution for a substantial portion of our portfolio," Matt Bowen, Executive Vice President at Keller Investment Properties. "The transaction required thoughtful coordination and experienced guidance, and we are grateful for the relationship with Nomura and our longtime advisors at Newmark who were instrumental in helping us navigate the process and achieve an outstanding result. This financing strengthens the foundation of our portfolio and supports our continued commitment to the Western markets where we invest and operate."

"This opportunity demonstrates the continued depth of institutional capital seeking exposure to high-quality multifamily assets and experienced sponsorship, even in complex, large-scale transactions," said Mott. "The level of participation reflects strong confidence in the portfolio's performance, the underlying markets and Keller's long-term ownership strategy."

The portfolio includes:

• 80 on Gibson — Henderson, Nevada
• Firenze Apartments — Henderson, Nevada
• Joshua Hills — North Las Vegas, Nevada
• VUE 5325 — Las Vegas, Nevada
• North Union — Midvale, Utah
• The Park at Legacy Trails — Centerville, Utah
• Quail Cove — Layton, Utah
• Solameer — Herriman, Utah
• The Park at City Center — Sandy, Utah
• Wolverine Crossing — Orem, Utah
• Woodcrest Apartments — Flagstaff, Arizona
• Keller at Town Square — Gilbert, Arizona
• The Lodge Luxury Apartment Homes — Flagstaff, Arizona

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at 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 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.

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SOURCE Newmark Group, Inc.

FAQ

What did Newmark (NMRK) announce about the $718.5 million SASB recapitalization on August 6, 2026?

Newmark announced arranging a $718.5 million SASB recapitalization for a 13‑property multifamily portfolio. According to Newmark, the deal provides long-term mortgage financing for Keller Investment Properties while preserving ownership of 3,321 units across major Western U.S. markets.

Which properties are included in the 13-property multifamily portfolio financed by Newmark (NMRK)?

The portfolio includes 13 multifamily communities across Arizona, Nevada and Utah. According to Newmark, assets include properties such as 80 on Gibson, Firenze Apartments, Wolverine Crossing, Woodcrest Apartments, Keller at Town Square and The Lodge Luxury Apartment Homes.

What are the key loan metrics for the Newmark (NMRK) arranged recapitalization for Keller Investment Properties?

The financing achieved approximately 79% loan-to-value and a 6.6% debt yield. According to Newmark, the structure is entirely mortgage debt and is rated by both Moody's and Fitch, supporting institutional capital participation in the multifamily portfolio.

Who was the lender in Newmark’s $718.5 million SASB recapitalization for Keller Investment Properties?

Nomura served as the lender for the $718.5 million transaction. According to Newmark, its Multifamily Debt & Structured Finance teams led a comprehensive process that evaluated the lending landscape before ultimately securing the mortgage financing with Nomura.

How does the Keller Investment Properties recapitalization reflect demand for multifamily assets, according to Newmark (NMRK)?

Newmark indicates the deal shows strong institutional capital interest in high-quality multifamily assets and experienced sponsors. According to Newmark, the participation level reflects confidence in the portfolio’s performance, underlying Western markets and Keller’s long-term ownership strategy.

What does Newmark’s trailing 12-month revenue look like as of June 30, 2026 (NMRK)?

Newmark reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026. According to Newmark, the firm operates from over 195 offices with more than 10,000 professionals across four continents, supporting its global advisory platform.

How does the SASB recapitalization benefit Keller Investment Properties’ multifamily portfolio?

The recapitalization provides a long-term capital solution for a substantial portfolio portion. According to Newmark and Keller, the mortgage financing strengthens the portfolio’s foundation while allowing Keller to maintain ownership across diversified Western U.S. growth markets.