Newmark Arranges Acquisition and Construction Loan for 111 Wall Street on Behalf of Nightingale Properties and Wafra Capital Partners

06/14/2021

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NEW YORK, June 14, 2021 /PRNewswire/ -- Newmark¹ announces that it has closed an acquisition and construction loan for 111 WallStreet, New York, on behalf of Nightingale Properties ('Nightingale') and Wafra Capital Partners ('WCP'). The frequent institutional joint venture partners will use a debt package exceeding $500 million to reposition and redevelop 111 Wall Street into a one-of-a-kind Class A office destination in the heart of Downtown Manhattan.

The Newmark team, led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of the New York Debt & Structured Finance team, secured the debt. David Blaivas of Blaivas & Associates, P.C. advised Nightingale and Michael Lefkowitz of Rosenberg & Estis, P.C. advised WCP in the transaction.

Situated on an entire city block between Wall Street and Gouverneur Lane, 111 Wall Street benefits from a strategic and unrivaled waterfront location featuring sweeping and perpetually protected views of the Manhattan and Brooklyn skylines, New York Harbor, and the East River. 111 Wall Street offers immediate access to mass-transit, as it is adjacent to Wall Street Pier 11 (serviced by NYC Ferry, NY Waterway, NY Water Taxi, SeaStreak and New York Beach Ferry), as well as the 1, 2, 3, 4, 5, A, C, E, J, R, W and Z subway lines and the Wall Street Helipad.

The iconic 25-story property, spanning approximately 1.2 million square feet, will revolutionize the Downtown Manhattan workplace with cutting-edge and highly customizable office space designed by Studios Architecture. The tenant amenities, designed by URBN Playground, will be fully integrated through the 111 Wall app and available on tenants' smartphones. Catering to the workplace of the future and serving employees in a post-COVID world, Nightingale and WCP will be outfitting the entire building with the latest in touchless and smart-building technology. The joint venture partners will implement a white-glove, tenant-only amenity program exceeding 40,000 square feet across the basement and ground floor. Tenant amenities will consist of a 125-seat conference center, multi-purpose room, event space, a bike and scooter charging room, upscale food and beverage options for tenants, a café and barista bar, and a fitness center known as 111 WELL. Once complete, 111 Wall Street, with its boutique, luxury hospitality-feel and first-class service, will meet the needs of and appeal to discerning tenants, catering to the most sought-after talent pool in the nation.

Nightingale and WCP will install new curtain wall, floor-to-ceiling View Smart Glass windows, create a dramatically expanded and transformed office lobby and install new destination dispatch elevators. As part of a complete infrastructure overhaul, the property will include state-of-the-art MEP systems, VRF HVAC systems with no perimeter convector covers and fully redundant power systems. 111 Wall Street will be LEED Silver certified and Wiredscore Certified and will offer tenants multiple signage and branding opportunities. With three separate elevator banks seamlessly connected to three separate entrances, 111 Wall Street provides prospective tenants with individual 'building-within-a-building' opportunities, allowing for three future tenant headquarter locations.

'The exceptional track record, experience and financial wherewithal of Nightingale and WCP collectively was instrumental in this innovative financing during one of the most challenging financing environments in history,' said Stolly.

'111 Wall Street's attractive basis, coupled with an exceptional business plan and best-in-class institutional joint venture partner leadership, allowed lenders to be comfortable with a large office redevelopment on the heels of COVID,' noted Roeschlaub.

Stolly added, 'The hallmark financing of 111 Wall Street enables the joint venture partners to capitalize on the recovery and re-emergence of New York City market, specifically for best-in-class and bespoke office product.'

The expertise, collective capitalization, frequent collaboration and portfolio depth between Nightingale and WCP provide for the pairing of best-in-class sponsorship and business plan execution. The partnership has a strong track record of success and currently holds joint interests in several properties and development projects totaling over five million square feet.

About Nightingale Properties
Led by CEO Elie Schwartz, Nightingale Properties pursues real estate investments across the capital stack, and spanning all risk-return profiles, geographies, asset classes, hold periods, deal sizes, and development potential. Nightingale is regarded in the industry as one of the most agile, creative, and operationally savvy institutional-grade owner-operators. By leveraging its vertically integrated and white-glove Property Management, Asset Management, Construction Management, and Development divisions, Nightingale creates value in its properties and for its joint venture and institutional equity partners.

About Wafra Capital Partners
Wafra Capital Partners ('WCP'), a New York-based investment management firm, manages or advises funds and accounts (principally on a Shari'a-compliant basis) that specialize in asset-based finance and real estate investments. WCP has significant experience with real estate and real estate debt, structured finance, venture debt, equipment leasing and finance, transportation finance, and other specialty finance transactions, and its team has been operating in these arenas since 1999.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ('Newmark'), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. 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.

¹dba Newmark Knight Frank in New York

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