Newmark announces that the firm has arranged a $300 million programmatic joint venture between Maya Capital Partners and Artemis Real Estate Partners focused on high-quality value-add self-storage assets in the Northeastern United States. The Newmark team was led by Vice Chairmen and Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub.
Transactions will comprise both marketed and off-market acquisitions of high-quality value-add properties and certificate of occupancy lease-up plays with the goal of creating a diverse portfolio of assets. The Venture was seeded by the acquisition of a 1,120-unit Class A self-storage asset in New Rochelle, New York. The 96,693-square-foot facility consists of a single, four-level building that is 100% climate controlled. The asset, which just received its certificate of occupancy, will allow the opportunity for immediately lease-up at market rents to garner maximum rental revenue. CIBC provided the financing for this transaction.
The Venture will utilize Maya’s existing “Drive Up Storage” brand, a tech-forward operating system, remote management and deep data analytic capacity, and on-site, kiosk-driven customer interaction and interfacing.
“Maya has great success in the self-storage space and this new venture with Artemis will allow them to vastly expand their platform as they grow to become one of the preeminent storage operators in the region,” commented Roeschlaub.
“This opportunity was extremely well received by the capital markets community which speaks to the availability of capital for operators with unique business plans focused on aggregating alternative real estate assets,” added Stolly.
The effort to raise capital for the project is part of Newmark’s continued push into complex joint venture financing. Led by Stolly and Roeschlaub, the initiative focuses on raising capital for both platform and programmatic joint ventures. The group recently arranged a $1 billion cold storage platform venture backed by $350 million in equity.
Maya Capital Partners is a real estate investment and development company based in New York City. Established in 2016, the Firm is focused on acquiring multifamily and self-storage assets in strong markets throughout the Northeastern United States. To date, Maya Capital Partners has completed acquisitions independently, as well as through strategic joint venture partnerships with institutional operators. The Firm currently owns and operates multifamily and self-storage assets in the Tri-State area and is currently leading development projects in various stages of completion.
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis has raised $8+ billion of capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, industrial, office, retail, hospitality, senior housing and medical office. Artemis specializes in joint venture partnerships and direct investments.
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 approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
