Newmark Arranges $100M Credit Facility for $500M Programmatic JV led by Castle Park Investments

Newmark announces it has arranged a $100M credit facility on behalf of Castle Park Investments (“CPI” or “Castle Park”), a global private equity firm, for the acquisition financing of manufactured housing communities (“MHC”) across the U.S. The credit facility capitalizes the $500M programmatic joint venture Newmark had initially arranged in the spring of 2023, which saw the Castle Park team up with a global private equity firm to target core plus and value-add manufactured housing, recreational vehicle (“RV”) resorts and campground assets across the U.S. The Newmark team was led by Co-Presidents of the Debt & Structured Finance team Jordan Roeschlaub and Dustin Stolly, as well as Executive Managing Director Chris Kramer. Wells Fargo led the credit facility.

 Simultaneously with the facility’s closing, CPI will acquire a 514-lot portfolio of eight assets across strategic sub-markets in the Pittsburgh, PA, MSA. The facility will also refinance the initial assets seeded the venture at closing. The diverse demographics and various industries in the market have allowed Pittsburgh to develop into a strong manufactured housing market with favorable population and income growth. In conjunction with this closing, Castle Park will utilize the acquisition loan facility to acquire additional MHC assets across the U.S.

 “This transaction demonstrates our team’s unique ability to craft seamless debt and equity solutions for our clients, initially bringing in a JV partner to make a significant capital commitment to the Castle Park team and now layering on this attractive debt facility,” said Roeschlaub.

 “The Castle Park venture will now be able to scale and grow their portfolio in a highly efficient manner due to the accretive financing of the Wells Fargo facility,” added Stolly.

 The 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.

Source link

About The Author

Scroll to Top