Newmark Group announced on December 11, 2024, the completion of a landmark $525 million refinancing on behalf of ICONIQ Capital and Sentral. This transaction involved a first-of-its-kind single-asset, single-borrower (SASB) CMBS loan to refinance flexible apartment properties.
The financing, provided by Deutsche Bank and Goldman Sachs, is tied to a portfolio of six apartment properties totaling 1,790 units in vibrant urban markets. Sentral operates approximately 25% of these units under a 'flexible living' strategy, offering fully furnished units for short- or mid-length stays.
This milestone transaction represents a significant validation of the flexible living model as an institutional asset class. It underscores Newmark's innovative approach to structuring capital solutions and its ability to secure financing for emerging property types, demonstrating confidence from major debt underwriters and investors.
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