Newmark Group (NMRK) Arranges $525 Million Refinancing of The Artise

Newmark Group Inc. (NASDAQ:NMRK) is one of the 7 best PropTech stocks to buy according to hedge funds.

On April 1, Newmark Group Inc. (NASDAQ:NMRK) announced that the company has arranged a $525 million refinancing of The Artise, a recently delivered Class A+ 25-story trophy office tower in downtown Bellevue, Washington, that is 99 percent leased.

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The arrangement reflects Newmark’s expertise in capital markets and its capacity to offer large-scale financing opportunities to institutional investors in the prime office markets. Financing for this deal was arranged through Goldman Sachs and Deutsche Bank on behalf of Schnitzer West and The Baupost Group. The company’s Co-President of Global Debt & Structured Finance, Jonathan Firestone, stated:

“Securing this refinancing for The Artise underscores lender confidence in Bellevue’s premier office market and the long-term durability of this tenancy. Goldman Sachs and Deutsche Bank delivered a competitive structure that supports our clients’ business plan and recognizes the exceptional quality and an investment-grade tenant.”

Senior Director at Schnitzer West, Jordan Suther, expects The Artise to further augment Bellevue’s position as an integral business hub. Shedding light on this refinancing, he emphasized the value proposition of best-in-class office assets, which are well-located and offer higher tenancy rates.

Newmark Group Inc. (NASDAQ:NMRK) covers several functions across the commercial real estate segment. Based on a strong emphasis on data analytics and technology, it delivers investment sales and commercial mortgage brokerage services, along with valuation, advisory, property management, due diligence, and other services.

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