Newmark Arranges Sale Leaseback and Financing for Ascent Aviation’s Aircraft Conversion Site

July 9, 2024 9:00 AM

Newmark announces it has secured the sale leaseback and build-to-suit financing for the establishment of a new aircraft MRO conversion site in Marana, Arizona. On behalf of the seller, Marana Aerospace Solutions (Ascent Aviation Services)-one of the largest independent aircraft aftermarket services providers in the world-the firm secured the sale leaseback of existing assets as well as the build-to-suit financing being provided by the buyer STORE Capital.

Newmark Corporate Capital Markets group Vice Chairman Andrew Sandquist, Executive Managing Director JC Asensio and Managing Director Briggs Goldberg facilitated the transaction on behalf of the seller.

"In bringing this transaction to a successful close, we are particularly gratified by the complementary outcome we secured for both parties; a result of the cross-collaborative efforts of our teams," said Sandquist. "Through the structuring of this sale leaseback and build-to-suit financing Ascent Aviation is equipped to bring this unique project to fruition. We look forward to witnessing future milestones ahead."

In September 2023, Marana Aerospace Solutions (Ascent Aviation Services) announced the finalization of its agreement with one of the world's largest aerospace companies, permitting the establishment of said conversion site as well as granting the ability to carry out passenger-to-freighter conversions on two lines of Boeing 777-300ER aircrafts. In securing this sale leaseback and build-to-suit financing to support the program, Ascent will commence the construction of two, new widebody hangars, with a target completion date of the first hangar in Q4 2024 and the second hangar in Q1 2025. Upon completion of the aircraft hangars, Ascent Aviation's long-term net lease, with STORE Capital functioning as the landlord, will commence.

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 March 31, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. 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.