Business
Newmark Arranges $300M Joint Venture Between Catalyst and Heitman
PHILADELPHIA, Aug. 8, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and
About this update from Newmark Group, Inc.
[{"type":"text","content":"PHILADELPHIA, Aug. 8, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it has arranged a strategic joint venture (the \"Venture\") between Catalyst Healthcare Real Estate (\"Catalyst\"), a leading U.S. healthcare real estate development and investment firm, and Heitman, a $50 billion real estate investment management firm. Newmark also helped secure $300 million for such Venture to fund the development pipeline of purpose-built healthcare properties, including medical outpatient buildings, orthopedic centers of excellence and inpatient rehabilitation facilities. \n\n \n \n \n \n \n \n\n \nThe transaction was led by Newmark's Healthcare Capital Markets group Executive Managing Director Ben Appel, Senior Managing Director John Nero, Executive Managing Director Jay Miele, Senior Managing Director Michael Greeley and Associate Director Ron Ott.\nThe initial phase includes funding seven ground-up or in-process developments totaling nearly 500,000 square feet, spanning five states and encompassing blue chip tenants such as Ochsner Health, Andrews Medicine, University of Mississippi Medical Center and PAM Health.\n\"Catalyst works in partnership with its clients to design comprehensive real estate solutions that best support their mission, vision and values of providing better access to care, higher quality outcomes and lasting relationships,\" said Chad Henderson, Founder/CEO and Managing Partner of Catalyst Healthcare Real Estate.\n\"The joint venture with Catalyst is another significant milestone in Heitman's 20+ year history of investing in the medical office sector,\" said Brian Pieracci, Heitman Head of Private Equity – North America. \"Medical office offers counter-cyclical qualities as a needs-based asset class, benefitting from secular demand drivers, including aging populations and migration of medical services out of hospitals and into outpatient settings. The properties in the Catalyst portfolio are attractive investments due to the high acuity and strategic uses in the buildings for its major health system tenants.\"\n\"Catalyst prides itself on its people, its promise and the quality of its work,\" added Appel. \"The firm has...