uuid

dealPage_DealQuery

viewer

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dealPage_DealBodyViewer

dealPage3_DealPage3Viewer

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content

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type

dealName

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filesUrl

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files

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dealMeta_Deal

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dealPage_DealFooterForCustomDesign

dealPage_DealInquries

vdrTable_VdrTableDeal

dealPage3_DealPage3

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actor

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demoUrl

dealPageUrl

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highlightedEconomics

totalDealSizeMillions

addresses

economics

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ownerCompanies

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financedLpjvEquityMillions

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financedLandLoanMillions

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financedConstructionLoanMillions

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financedCogpEquityMillions

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financedPermanentLoanPercent

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inquiries

company

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  <div style="display: flex; flex-direction: column; margin-top: 0.15rem; width: 200px; height: fit-content; align-items: left;
   justify-content: center; font-family: Inter,sans-serif; ">
    <img src="https://cf.reverecre.com/cdn-cgi/image/w=200,h=undefined,fit=scale-down/https://storage.googleapis.com/revere-user-uploads/project%2Fbecaa9bb-a951-4152-9b58-18bdf878a190%2F7b91fb42-88ad-4e4d-bc41-c1e09a25c90f" onerror="this.style.display='none'" alt="PRG Southeast MF Portfolio - Value Add - $90M LP Equity Request Image" style="object-fit: cover; width: 200px;" />
    <p style="margin-top: 0.5rem; text-transform: uppercase; font-size: 10px; letter-spacing: 0.025em;"> Multifamily </p>
    <p style="margin-top: 0.05rem; color: #0D1321; text-align: left; font-weight: 400; font-family: Cormorant Garamond, serif; font-size: 20px;">
      PRG Southeast MF Portfolio - Value Add - $90M LP Equity Request
    </p>
    <p style="margin-top: 0.25rem; text-transform: uppercase; font-size: 8px; letter-spacing: 0.1em;"> Charlotte,  NC </p>
    <p style="margin-top: 0.25rem;">By Newmark Group Inc.</p>
    <a href="https://platform.reverecre.com/project/becaa9bb-a951-4152-9b58-18bdf878a190" target="_blank" style="text-decoration: underline; color: #2E74B3; text-align: left; margin-top: 0.5rem">
      View Listing
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  <div style="display: flex; flex-direction: column; margin-top: 0.15rem; width: 200px; height: fit-content; align-items: left;
   justify-content: center; font-family: Inter,sans-serif; ">
    <img src="https://cf.reverecre.com/cdn-cgi/image/w=200,h=undefined,fit=scale-down/https://storage.googleapis.com/revere-user-uploads/project%2Fbecaa9bb-a951-4152-9b58-18bdf878a190%2F7b91fb42-88ad-4e4d-bc41-c1e09a25c90f" onerror="this.style.display='none'" alt="PRG Southeast MF Portfolio - Value Add - $90M LP Equity Request Image" style="object-fit: cover; width: 200px;" />
    <p style="margin-top: 0.5rem; text-transform: uppercase; font-size: 10px; letter-spacing: 0.025em;"> Multifamily </p>
    <p style="margin-top: 0.05rem; color: #0D1321; text-align: left; font-weight: 400; font-family: Cormorant Garamond, serif; font-size: 20px;">
      PRG Southeast MF Portfolio - Value Add - $90M LP Equity Request
    </p>
    <p style="margin-top: 0.25rem; text-transform: uppercase; font-size: 8px; letter-spacing: 0.1em;"> Birmingham,  AL </p>
    <p style="margin-top: 0.25rem;">By Newmark Group Inc.</p>
    <a href="https://platform.reverecre.com/project/becaa9bb-a951-4152-9b58-18bdf878a190" target="_blank" style="text-decoration: underline; color: #2E74B3; text-align: left; margin-top: 0.5rem">
      View Listing
    </a>
  </div>



  <div style="display: flex; flex-direction: column; margin-top: 0.15rem; width: 200px; height: fit-content; align-items: left;
   justify-content: center; font-family: Inter,sans-serif; ">
    <img src="https://cf.reverecre.com/cdn-cgi/image/w=200,h=undefined,fit=scale-down/https://storage.googleapis.com/revere-user-uploads/project%2Fbecaa9bb-a951-4152-9b58-18bdf878a190%2F7b91fb42-88ad-4e4d-bc41-c1e09a25c90f" onerror="this.style.display='none'" alt="PRG Southeast MF Portfolio - Value Add - $90M LP Equity Request Image" style="object-fit: cover; width: 200px;" />
    <p style="margin-top: 0.5rem; text-transform: uppercase; font-size: 10px; letter-spacing: 0.025em;"> Multifamily </p>
    <p style="margin-top: 0.05rem; color: #0D1321; text-align: left; font-weight: 400; font-family: Cormorant Garamond, serif; font-size: 20px;">
      PRG Southeast MF Portfolio - Value Add - $90M LP Equity Request
    </p>
    <p style="margin-top: 0.25rem; text-transform: uppercase; font-size: 8px; letter-spacing: 0.1em;"> Kennesaw,  GA </p>
    <p style="margin-top: 0.25rem;">By Newmark Group Inc.</p>
    <a href="https://platform.reverecre.com/project/becaa9bb-a951-4152-9b58-18bdf878a190" target="_blank" style="text-decoration: underline; color: #2E74B3; text-align: left; margin-top: 0.5rem">
      View Listing
    </a>
  </div>


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.

For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world.

To learn more, visit nmrk.com or follow @newmark.

Senior Managing Director

Executive Managing Director

Vice Chairman

Director

Experienced Sponsor (PRG) - 3 decades focused on MF/owns 11k units

Garden style, market rate, workforce housing

Acquiring below replacement cost ($179k/unit for 1989-1997 vintage)

5.8% T3 going in yield stabilizing at 6.8% untrended

Renovate classic units (98%) to realize $160-$230 rent premiums

Implement green energy retrofits to realize operating expense savings

Deal level 18.1% IRR/2x MOIC (5 yr hold assuming 63% LTC)

5Yr fixed rate loan bought down to 4.7% rate

Sources and Uses

Capital Markets Team

On behalf of its client, Phoenix Realty Group (PRG), Newmark seeks a $25M-$90M LP equity partner for the off-market acquisition and value add repositioning of 1 to 4 assets (1,284 units) of a multifamily portfolio (Charlotte, Kennesaw (Atlanta suburb), Birmingham, AL).

Greg Galusha serves as Executive Managing Director and head of equity placement within the capital markets group in Los Angeles. Galusha is responsible for sourcing and qualifying debt and joint venture/preferred equity across asset classes in the Western United States on behalf of a broad range of clients that include domestic and offshore institutional and private owners, REITs, investment managers and lenders. Galusha’s role is to understand the client’s goals, underwrite and validate the business plan, market the opportunity, source and qualify capital sources, and assist with negotiations for successful placements. Over 30 years, Galusha has invested over $2.5 billion of joint venture equity and bridge debt for real estate as an investment manager of both institutional and private capital. Mr. Galusha’s broad experience across markets, asset types, and execution strategies includes roles in originations, underwriting, financing, development, entitlement, asset management, dispositions, and workouts.

Prior to Newmark, Galusha was a partner with PCCP for almost 9 years, a Vice President with Morgan Stanley Real Estate Fund, and a partner with Kearny Real Estate. Galusha received a B.A. from the University of Pennsylvania and is an active member (Capital Markets Los Angeles) of the Urban Land Institute and NMHC.

Overview

Investment Highlights

Sources and Uses

Photo Gallery

Capital Markets Team

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