Newmark Arranges $110 Million Refinancing of Cityfront Place in Downtown Chicago

March 24, 2025 9:00 AM

Newmark announces the company has arranged a $110 million loan to refinance Cityfront Place, a 39-story, 480-unit luxury multifamily property in downtown Chicago on behalf of Strategic Properties of North America (“SPNA”) and Mirae Asset Securities (“Mirae”). The financing was secured by Newmark Managing Director Charles Han, Executive Managing Directors Henry Stimler and Bill Weber, Vice Chairman Matt Mense and Directors Dan Sarsfield and Ricky Warner.

“This transaction reinforces our commitment to delivering tailored financing solutions for institutional-quality assets,” said Stimler. “Cityfront Place’s prime location, exceptional management and strong fundamentals made it an ideal candidate for refinancing, allowing our clients to optimize capital while preserving operational excellence.”

SPNA and Mirae acquired Cityfront Place in 2020 and implemented a strategic renovation plan, modernizing unit interiors and common areas while maintaining occupancy above 95% throughout the improvement period. The renovations contributed to a more than 60% increase in net operating income, driven by strong asset management and sustained demand for well-located, high-quality multifamily housing.

Positioned along the Chicago River in the Streeterville neighborhood, Cityfront Place offers studio, one- and two-bedroom residences with modern finishes, floor-to-ceiling windows and premium amenities, including a 24-hour fitness center, indoor pool, rooftop terrace, resident lounge, indoor parking and direct access to the Riverwalk. The property is located near Michigan Avenue, Navy Pier, Millennium Park and top-tier dining, retail and entertainment options.

About Strategic Properties of North America
Strategic Properties of North America is a leading real estate investment firm focused on acquiring, developing, and managing high-quality multifamily properties in Chicago. With a proven track record of revitalizing properties and delivering strong returns for investors, SPNA specializes in the acquisition and operation of large-scale residential high-rises. The firm’s approach combines deep market expertise, operational excellence, and a commitment to creating vibrant communities that offer exceptional living experiences.

About Mirae Asset Securities
Mirae Asset Securities is a global financial services firm and a subsidiary of Mirae Asset Financial Group, with a strong presence across the world, managing over $600 billion in assets. The firm specializes in providing comprehensive financial solutions, including investment management, securities trading, and capital markets services. With a commitment to innovation and a client-first approach, Mirae Asset Securities offers a wide range of investment opportunities across various asset classes, enhancing its global footprint and delivering long-term value to its clients.

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 twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. 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.