Newmark Secures Debt Financing for Irving Industrial Development, Following Equity Placement

March 11, 9:00 AM

Newmark announces it has arranged the debt financing for the development of Tristar Business Park, a state-of-the-art, 173,680-square-foot industrial project in Irving, Texas. The financing will fund ongoing construction efforts in conjunction with the joint venture equity placement secured by Newmark in September 2023.

Newmark Capital Markets’ Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe and Associate William Hairston secured the debt financing from a regional bank on behalf of the ownership, a joint venture between Hopewell Development and MBK Industrial Properties LLC, a division of MBK Real Estate LLC.

“Securing both debt and equity in today’s challenging capital markets environment is a testament to our team’s expertise and dedication,” said Riebe. “This accomplishment not only marks a significant milestone in the project’s progression, but also underscores our commitment to delivering comprehensive financial solutions for our clients. We look forward to seeing the realization of this highly anticipated development.”

Slated for delivery in Q4 2024, the two-building project will feature 32’ clear heights and an ESFR sprinkler system. Building 1, spanning 69,160 square feet, will offer 100 parking stalls, eight dock-high doors, one grade-level door with a ramp and 130’ truck courts; and Building 2, encompassing 104,520 square feet and divisible for multi-tenant use, will provide 140 parking stalls, 10 dock-high doors, two grade-level doors with ramps and 140.5’ truck courts.

The project is strategically located minutes from the DFW International Airport with proximity to both the Dallas and Fort Worth Central Business Districts. Furthermore, it is ideally situated to tap into a robust labor pool, with a population exceeding 1.2 million within a 20-minute drive of the property.

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.