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NEW YORK - Newmark Group , Inc. (NASDAQ: NASDAQ:NMRK), a prominent player in the Real Estate Management & Development industry according to InvestingPro, has successfully arranged a $275 million refinancing loan for the two-tower multifamily property at 63-67 Wall Street in New York City. The financing was secured on behalf of the property owners, Rockpoint and Brooksville Company, with Apollo Global Management (NYSE:APO) providing the loan.
The property, situated in the Financial District, comprises 816 residential units across two historical buildings. The first building, 67 Wall Street, was constructed in 1921 for the Munson Shipping Company, while the second, 63 Wall Street, served as the headquarters for Brown Brothers Harriman & Co. since 1928. Both buildings were transformed into apartment complexes in the early 2000s.
Rockpoint and Brooksville Company have owned 63-67 Wall Street since 2016, during which time they have made significant investments in the property. These enhancements include the renovation of apartments, the modernization of common areas and amenities, and a reconfiguration of the retail spaces to better serve residents.
The loan arrangement was facilitated by Newmark’s Co-President of Global Debt & Structured Finance, Jordan Roeschlaub, alongside Vice Chairmen Nick Scribani and Chris Kramer. This refinancing deal underscores Newmark’s role in powering various phases of the property life cycle, from investment to management, for clients across the commercial real estate spectrum.
Newmark, a global leader in commercial real estate services, reported revenues exceeding $2.7 billion for the twelve months ending December 31, 2024, representing an 11.5% year-over-year growth. The company, with a current market capitalization of $3.55 billion, operates from roughly 170 offices with a professional staff of over 8,000 across four continents. For detailed insights into Newmark’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
This financial move comes as part of Newmark’s ongoing efforts to support its clients’ strategic financial objectives. The company’s stock has shown strong momentum with a 14.5% gain year-to-date, and according to InvestingPro’s Fair Value analysis, the stock appears to be trading below its intrinsic value. The information regarding the refinancing is based on a press release statement. Discover more undervalued opportunities in the real estate sector at Investing.com’s Most Undervalued Stocks.
In other recent news, Newmark Group reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with an adjusted earnings per share (EPS) of $0.55, compared to the forecasted $0.47. The company’s revenues reached $888.3 million, exceeding the anticipated $784.83 million, demonstrating strong growth across all business lines. Newmark Group saw a significant increase in market share within the U.S. debt market, driven by its strategic investments and effective cost management. Analysts from firms such as Piper Sandler and Raymond (NSE:RYMD) James noted the company’s strong performance, with expectations for continued growth in capital markets and leasing activities.
The company also highlighted its optimistic targets for 2025, projecting total revenues between $2.9 billion and $3.1 billion, and adjusted EPS between $1.40 and $1.50. This forecast reflects Newmark’s confidence in its strategic positioning and market expansion efforts. Additionally, Newmark’s management emphasized ongoing investments in talent and infrastructure, particularly in data centers and artificial intelligence, which are expected to drive future growth. These developments come amid a backdrop of potential challenges, including interest rate fluctuations and economic uncertainties, which the company remains vigilant about.
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