Newmark Secures $275 Million Financing for Luxury Residential Development in New York, NY

Rhea-AI Summary

Newmark (NMRK) has successfully arranged a $275 million refinancing loan for 63-67 Wall Street, a luxury two-tower multifamily property in New York City's Financial District. The financing was secured for owners Rockpoint and Brooksville Company, with Apollo Global Management providing the funding.

The 816-unit residential complex, originally built as two separate office buildings in 1921 and 1928, was converted into apartments in 2004 and 2006. Since acquiring the property in 2016, Rockpoint and Brooksville Company have implemented significant improvements, including apartment renovations, upgraded common areas and amenity spaces, and retail space reconfiguration.

Positive

• Secured substantial $275M refinancing loan
• Large-scale property with 816 residential units
• Recent renovations and upgrades completed
• Prime Financial District location

Negative

• None.

News Market Reaction

-1.57%

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-1.57% News Effect

On the day this news was published, NMRK declined 1.57%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, March 3, 2025 /PRNewswire/ -- Newmark announces that the firm has arranged a $275 million loan to refinance 63-67 Wall Street, a two-tower multifamily asset located in New York City. Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairmen Nick Scribani and Chris Kramer arranged the financing on behalf of owners Rockpoint, a Boston-based real estate private equity firm, and Brooksville Company, a vertically integrated real estate investment and management firm. Apollo Global Management provided the funding.

Rockpoint and Brooksville Company acquired 63-67 Wall Street in 2016, and have since invested heavily in apartment renovations, fully upgraded common areas and amenity space, and a reconfiguration of the retail space. The 816-unit residential complex was originally constructed as two separate office buildings – 67 Wall Street, built in 1921 as the headquarters for the Munson Shipping Company, and 63 Wall Street, built in 1928 as the headquarters for Brown Brothers Harriman & Co. The buildings were converted into apartments in 2006 and 2004, respectively.

Located in the heart of the Financial District, the property today provides residents with convenient access to fine dining, shopping and immediate proximity to numerous transportation lines.

About Newmark
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. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. 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 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 is the value of the refinancing loan secured by Newmark (NMRK) for 63-67 Wall Street?

Newmark secured a $275 million refinancing loan for the luxury residential property at 63-67 Wall Street in New York City.

How many residential units are in the 63-67 Wall Street property financed through Newmark (NMRK)?

The property consists of 816 residential units across two towers in New York's Financial District.

When did Rockpoint and Brooksville Company acquire the Wall Street property refinanced by Newmark (NMRK)?

Rockpoint and Brooksville Company acquired the 63-67 Wall Street property in 2016.

What improvements have been made to the 63-67 Wall Street property since its acquisition?

The owners have invested in apartment renovations, fully upgraded common areas and amenity spaces, and reconfigured the retail space.

What was the original purpose of the buildings at 63-67 Wall Street before conversion?

The buildings were originally office buildings - 67 Wall Street was Munson Shipping Company's headquarters (1921), and 63 Wall Street was Brown Brothers Harriman & Co.'s headquarters (1928).