Newmark : Completes Sale of Modera Marshfield in South Shore of Suburban Boston, Massachusetts

January 12, 2022 8:30 AM

Newmark announces the sale of Modera Marshfield, a 248-unit, trophy-quality apartment community located in the South Shore region of suburban Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Michael Byrne, Managing Director Thomas Greeley, Director Devlin Man and Associate Casey Griffin of the firm's Boston Capital Markets Group represented the seller, Mill Creek Residential Trust and CrossHarbor Capital Partners, and procured the buyer, TA Realty.

Delivered in 2021, Modera Marshfield features a mix of one-, two- and three-bedroom apartment units, including 35 unique townhomes, complemented by an impressive roster of amenities. These include a resort-style pool, multiple outdoor dining and lounge areas, a club-quality fitness center and convenient work-from-home spaces. The asset has undergone a highly successful initial lease-up, recently cresting 90% leased.

"Congratulations to our clients, Mill Creek Residential and CrossHarbor Capital Partners, on a perfectly executed development and disposition," said Greeley. "The exceptionally strong investor interest in the asset was a testament to its unmatched quality and we commend our buyer, TA Realty, on a smooth and successful acquisition."

Modera Marshfield is situated directly off Route 3, providing exceptional access to all that the South Shore has to offer-scenic beaches, waterfront shopping and dining amenities and connectivity to a variety of regional employment hubs. The asset further benefits from the South Shore's affluent demographics and connectivity to Boston, which is just 30 miles away.

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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.