Newmark Secures Refi for SpareBox Storage Portfolio
Debt team arranged $462.5M Loan for National Portfolio
NEW YORK, Sept. 22, 2022 -- On behalf of SpareBox Storage and Davidson Kempner Capital Management, Newmark has arranged the $462.5 million refinancing loan of a 101-asset, 6.9 million square foot national self-storage portfolio. The portfolio spans eight states in strong submarkets and is well-leased.
The Newmark team for the debt refinancing was led by Dustin Stolly and Jordan Roeschlaub, Vice-Chairmen and Co-Heads of the Newmark Debt and Structured Finance Team, Senior Managing Director Nick Scribani, in partnership with Vice Chairman Aaron Swerdlin and Senior Managing Director Taucha Hogue, of Newmark's Self-Storage group. Bank of America provided the refinancing loan.
"Driving the success of this transaction is the strength of the sponsorship between SpareBox's operating platform and the equity commitment provided by Davidson Kempner Capital Management," said Newmark's Dustin Stolly.
Jordan Roeschlaub added, "The platform's strength is highlighted by the operating partner's deep market knowledge and ability to manage their distributed portfolio remotely. Local market knowledge fuels the acquisition pipeline, and the use of sophisticated proprietary software creates an efficient operating environment".
SpareBox, headquartered in Denver, CO, is the leading self-storage owner and manager, optimizing a tech-forward, data-driven platform that acquires and operates self-storage assets with a high level of efficiency. As a top-10 owner and operator of self-storage assets, SpareBox manages approximately 6.9 million rentable square feet (including parking) across eight states, 101 properties and 37,362 units.
Davidson Kempner Capital Management is a global investment management firm with more than 39 years of experience and a focus on fundamental investing with a multi-strategy approach. The Firm has approximately $38 billion in assets under management and over 450 employees across six global offices.
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. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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SOURCE Newmark Group, Inc.