New York & Tri-State + Fairfield/Westchester + Finance | December 8, 2022

Newmark Arranges $300M Self-Storage JV Seeded by New Rochelle Property

Newmark 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 Northeast. The JV was seeded by the acquisition of a 1,120-unit Class A self-storage asset in New Rochelle, NY.

The Newmark team was led by vice chairmen and co-heads of the debt & structured finance team Dustin Stolly and Jordan Roeschlaub, as part of Newmark’s continued push into complex JV financing

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 96,693-square-foot New Rochelle facility is a single, four-level building that is 100% climate controlled. The asset, which just received its certificate of occupancy, will allow the opportunity for immediat lease-up at market rents to garner maximum rental revenue. CIBC provided the financing for this transaction.

Connect

Inside The Story

Newmark's StollyNewmark's Roeschlaub

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).