Newmark Secures $19.7M Sale and $15M Financing of Garden-Style Lexington Community

March 15, 2024 9:00 AM

Newmark announces it has arranged the $19.7 million sale and $15 million financing of Triple Crown at Tates Creek in Lexington, Kentucky. The garden-style multifamily community features 228 units, 94% occupied at purchase and 196,608 square feet. The asset traded from Monument Capital Management–a top real estate investment firm founded by Alex Rodriguez and Ramon Corona–to the New York City-based commercial real estate agency RFM Property Group.

Newmark Executive Managing Director Matt Newcomer represented the seller Monument Capital on the sale transaction. Newmark Multifamily Capital Markets’ Executive Managing Director Henry Stimler and Associate Director Ricky Warner secured the $15 million new acquisition financing from Fannie Mae on behalf of the buyer, RFM Property Group.

“In bringing this transaction to a successful close, I most enjoyed the collaborative and truly exceptional experience that derived from working with Henry, Ricky and the team on the financial-related deal components,” said Michael Feldman, Principal/Owner, RFM Property Group. “They skillfully guided us through a tumultuous lending environment, showcasing their expertise and setting the stage for future successful ventures.”

“Securing the $15 million financing for Triple Crown at Tates Creek was a pivotal achievement, demonstrating our team’s expertise and dedication,” said Warner. “The transaction underscores our ability to exceed client expectations and facilitate significant real estate transactions.”

Triple Crown at Tates Creek is less than five miles from Lexington’s central business district and the University of Kentucky. This picturesque urban oasis has golf course views and mature landscaping. The property is ideally located between New Circle Highway and Man O’ War Boulevard, providing convenient access to the entire metropolitan region. Nearby local demand drivers such as Fayette Mall and The Summit at Fritz Farm offer residents many shopping and dining options within minutes of home.

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 year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. 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.