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News for March 27, 2023

Newmark Secures $500M Joint Venture to Expand RV Resorts Across the U.S.


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Newmark, a leader in commercial real estate, has successfully raised a $500 million programmatic joint venture between a global real estate private equity firm and Castle Park Investments (CPI). 

According to a press release, this collaboration aims to concentrate on recreational vehicle (RV) resorts and campground assets throughout the United States, core plus and value-add manufactured housing communities (MHC), addressing the nation’s growing demand for affordable housing solutions.

The joint venture will focus on acquiring RV resorts, and campground assets, enabling the opportunity to generate core plus to high value-add returns through leasing, repositioning, and limited redevelopment efforts. 

As part of the initial investment, the venture has been seeded with a portfolio of over 700 pads across strategic markets in Ohio and Pennsylvania. Newmark is actively engaged in arranging debt financing for the venture, demonstrating its commitment to the project’s success.

With a keen eye on strategic markets across the U.S., the venture will focus on RV and campground destination assets with a history of strong demand for long-term reservations, further diversifying the investment portfolio.

Newmark’s Co-Heads of Debt & Structured Finance, Jordan Roeschlaub, Dustin Stolly, and Director Eden Abraham, have played a pivotal role in the joint venture. 

Roeschlaub highlighted the resilience of manufactured housing as an asset class, which experienced positive earnings growth in the last two recessions and showed significant endurance during the pandemic.

Stolly noted the limited supply of MHCs and RV resorts, stating that the opportunity was highly attractive to the capital markets community.

The successful capital raising effort is part of Newmark’s ongoing push into complex joint venture financing. This initiative emphasizes raising capital for both platform and programmatic joint ventures, showcasing the firm’s ability to adapt to the changing market landscape.

With this significant investment, Newmark, CPI, and their global real estate private equity partner demonstrate a solid commitment to addressing the need for affordable housing in the United States while expanding opportunities in the RV resort and campground sectors.

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Modern Campground

Modern Campground

Modern Campground is the most innovative news source in the Outdoor Hospitality industry. We provide global news coverage for RV Park and Campground owners, operators, managers, and their team members.
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Hi, you might find this article from Modern Campground interesting: Newmark Secures 0M Joint Venture to Expand RV Resorts Across the U.S.! This is the link: https://moderncampground.com/usa/newmark-secures-500m-joint-venture-to-expand-rv-resorts-across-the-u-s/