Newmark Secures $159 Million Refinancing for Luxury Mixed-Use Property in Brooklyn, NY

September 23, 2024 12:00 PM

Newmark is pleased to announce that it has arranged a $159 million loan on behalf of Mack Real Estate Group, LLC (MREG) and its partners, including the State Teachers Retirement System of Ohio (STRS Ohio) to refinance The Greenpoint, a luxury multifamily property in Brooklyn, New York. The financing was secured by Co-President Global Debt & Structured FinanceJordan Roeschlaub and Vice Chairman Chris Kramer, in collaboration with Senior Managing Director Peter Griesinger.

"This deal signifies the ongoing commitment to fostering high-quality residential and commercial spaces in New York City, enhancing both the living and business environment in Brooklyn," said Kramer. "We're grateful to have worked on this transaction."

The Greenpoint offers tenants a premium living experience with 368 multifamily rental units crafted to deliver unparalleled living environments with unobstructed views of the Manhattan skyline. The 400-foot-tall, 40-story property also includes an additional 46,176 square feet of commercial space and a 297-space parking garage. Residents benefit from its proximity to the New York City ferry and G subway stop, facilitating excellent connectivity to the broader Brooklyn and the greater metropolitan area.

The Greenpoint was developed in 2018. Apollo Global Management provided the financing.

About Mack Real Estate Group
MREG is an institutional real estate investment firm with roots in several Mack family real estate businesses that date back to the 1960s. Today, MREG's equity, credit and property management businesses employ more than 250 people and have five offices across the U.S. based in New York, Seattle, Phoenix, Miami, and Raleigh. MREG's equity investments business specializes in the acquisition, development and management of multifamily and industrial properties located in gateway and high-growth markets. Its recently created portfolio, excluding legacy Mack family assets, represents approximately 9,000 multifamily units and 5 million square feet of industrial space, including the firm's development and pre-development pipeline.

About The State Teachers Retirement System of Ohio
The State Teachers Retirement System of Ohio ("STRS Ohio"), founded in 1920, is one of the largest public pension funds in the United States with a fiduciary net position of $90 billion as of June 30, 2023. STRS Ohio's mission is to provide Ohio's public educators with a foundation for financial security, while their vision is to serve both current and future Ohio public educators and their loved ones. 70% of STRS Ohio's investment assets are managed internally by more than 100 professionals and are diversified across equity, fixed-income, international, real estate, and alternatives with real estate making up 9% of the portfolio.

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 year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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