Newmark Raises $500M Programmatic Joint Venture for Castle Park Investments

Newmark has raised a $500 million programmatic joint venture between a global real estate private equity firm and Castle Park Investments that will focus on core plus and value-add manufactured housing communities, recreational vehicle resorts and campground assets across the U.S. The team was led by Newmark’s Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Director Eden Abraham.

The Venture’s focus on the acquisition of MHC, RV resorts and campgrounds provides the opportunity to generate core plus to high value-add returns through leasing, repositioning and limited redevelopment. The Venture was seeded by the acquisition of a 700+ pad portfolio across strategic markets in Ohio and Pennsylvania. Newmark is also arranging the debt financing for the Venture.

The Venture will target MHC assets in strategic markets across the U.S., where the asset class presents a strong affordability option relative to other forms of housing. The Venture will target RV and campground destination assets where historical performance demonstrates a strong demand for long-term reservations.

“Manufactured housing as an asset class is one of the only real estate sectors that experienced positive earnings growth in the last two recessions while showing significant resilience during the pandemic,” commented Roeschlaub.

“With the continued limited supply of MHCs and RV resorts, this opportunity was extremely well received by the capital markets community due to the nation’s continued need for affordable housing,” 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.

“We are excited about the opportunity to grow our platform and to deliver exceptional results for our new partner. The capital commitment is a testament to our dedicated and hard-working team at Castle Park,” commented CPI Co-Founder Evan Bernstein.

“This programmatic investment facilitates our ability to provide affordable housing for years to come,” concluded CPI Co-Founder Brad Scott.

About Castle Park Investments
Castle Park Investments, LLC is a New York based Real Estate Private Equity firm focused on niche investment opportunities. Castle Park sources investments nationwide and implores strict deal screening criteria to generate long term wealth and cash flow while protecting investor capital. Founded in 2020, Castle Park was formed by Brad Scott and Evan Bernstein to aggregate portfolio of assets across target U.S. markets through acquisitions and ground up development. The Castle Park executive team has acquired over 10,500 MH and RV sites in their careers. Castle Park currently owns and operates 18 assets totaling over 2,800 units with over $150mm of assets under management.

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 approximately $2.7 billion for the year ending December 31, 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 or follow @newmark.