2022-08-01 | NDAQ:NMRK | Press Release

Fabrizio Guteres

The financing is one of Greater Boston’s first “green loans” and among $4+ billion in recent and active life science transactions by Newmark’s Boston Debt & Structured Finance group

BOSTON, Aug. 1, 2022 /PRNewswire/ — Newmark announces the arrangement of $514 million in construction financing for Phase I of Assembly Innovation Park, a 485,000-square-foot life science tower that is under development by BioMed Realty in Somerville, Massachusetts. Newmark Executive Managing Directors David Douvadjian, Sr. and Timothy O’Donnell, Senior Managing Director Brian Butler, Managing Director David Douvadjian, Jr. and Associate Conor Reenstierna of the firm’s Boston Debt & Structured Finance group represented the borrower.

Newmark Group, Inc. (PRNewsfoto/Newmark Group, Inc.)

The financing for Phase I of Assembly Innovation Park is one of Greater Boston’s first “green loans.” Designed to achieve LEED Gold and WELL certifications, the 12-story asset and its associated parking garage will incorporate sustainable technologies including a high-performance curtain wall, high-efficiency chilled water and exhaust air systems and a rooftop photovoltaic array. The project broke ground in January 2022 and is expected to deliver in the second quarter of 2024.

“Life science has been a major driver of financing activity across Greater Boston in the past 18 months,” said Douvadjian, Sr. “Projects like Phase I at Assembly Innovation Park will enable the region to continue serving as one of the world’s most desirable destinations for cutting-edge laboratory, research and biotechnology firms.”

The financing for Phase I of Assembly Innovation Park is among $4+ billion in recent and active life science transactions by Newmark’s Boston Debt & Structured Finance group. This track record began in December 2020 with the group’s arrangement of $404 million in financing for 601 Congress, a 482,000-square-foot office-to-laboratory conversion in Boston’s Seaport District, also on behalf of BioMed Realty.

“Our life science activity spans construction and conversion projects across multiple submarkets in Greater Boston,” said O’Donnell. “We work closely with Newmark’s Boston Capital Markets group, which has overseen the sale of properties including Assembly Innovation Park and 601 Congress, to provide our clients with a truly synergistic menu of services.”

Led by Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble and Managing Director Samantha Hallowell, the firm’s Boston Capital Markets group was the most active broker of office and life science properties in the United States in 2021 with more than $5.4 billion in sales, according to Real Estate Alert’s regional rankings comparison.

Newmark Financial Analyst Harrison Zucco provides financial analysis support for transactions arranged by the firm’s Boston Debt & Structured Finance group.

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. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 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 effects of the COVID-19 pandemic on 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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/newmark-arranges-514-million-in-construction-financing-for-phase-i-of-assembly-innovation-park-in-somerville-massachusetts-301596653.html

SOURCE Newmark Group, Inc.

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