Business
Newmark Raises $500 Million for Programmatic Joint Venture for Castle Park Investments
NEW YORK, March 14, 2023 /PRNewswire/ -- Newmark has raised $500 million for a programmatic joint venture ("the Venture") between a global real estate private
About this update from Newmark Group, Inc.
[{"type":"text","content":"NEW YORK, March 14, 2023 /PRNewswire/ -- Newmark has raised $500 million for a programmatic joint venture (\"the Venture\") between a global real estate private equity firm and Castle Park Investments (\"CPI\") that will focus on core plus and value-add manufactured housing communities (\"MHC\"), recreational vehicle (\"RV\") resorts and campground assets across the U.S. The team was led by Newmark's Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Director Eden Abraham.\n\n \n \n \n \n \n \n\n \nThe Venture's focus on the acquisition of MHC, RV resorts and campgrounds provides the opportunity to generate core plus to high value-add returns through leasing, repositioning and limited redevelopment. The Venture was seeded by the acquisition of a 700+ pad portfolio across strategic markets in Ohio and Pennsylvania. Newmark is also arranging the debt financing for the Venture.\nThe Venture will target MHC assets in strategic markets across the U.S., where the asset class presents a strong affordability option relative to other forms of housing. The Venture will target RV and campground destination assets where historical performance demonstrates a strong demand for long-term reservations.\n\"Manufactured housing as an asset class is one of the only real estate sectors that experienced positive earnings growth in the last two recessions while showing significant resilience during the pandemic,\" commented Roeschlaub.\n\"With the continued limited supply of MHCs and RV resorts, this opportunity was extremely well received by the capital markets community due to the nation's continued need for affordable housing,\" added Stolly.\nThe effort to raise capital for the program is part of Newmark's continued push into complex joint venture financing. The initiative focuses on raising capital for both platform and programmatic joint ventures.\n\"We are excited about the opportunity to grow our platform and to deliver exceptional results for our new partner. The capital commitment is a testament to our dedicated and hard-working team at Castle Park,\" commented CPI Co-Founder Evan Bernstein.\n\"This programmatic investment facilitates our ability to provide affordable housing for years to come,\" concluded CPI Co-Founder Brad Scott.\nAbout Castle Park InvestmentsCastle Park Investments, LLC is a New York b...