Karaffa Succeeds Jeff Day, Who has Announced his Retirement
NEW
YORK, Nov. 13, 2023 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a
leading commercial real estate adviser and service provider to
large institutional investors, global corporations, and other
owners and occupiers announces the appointment of Newmark's
Sharon Karaffa as President,
Multifamily Debt & Structured Finance. Karaffa will serve next
to Chief Strategy Officer and President, Multifamily Capital
Markets Jeff Day through
year-end, concurrent with Day's planned retirement effective
December 31, 2023. Karaffa will lead
Multifamily Capital Markets in partnership with Chad Lavender, President of North America
Capital Markets, who will serve as interim Head of Multifamily
Investment Sales.
"On behalf of Newmark's Board of Directors and Leadership team,
we are grateful for Jeff and his leadership throughout his tenure
at Newmark. We are honored to celebrate the tremendous achievements
of his career as he enters a new chapter," said Barry Gosin, Newmark Chief Executive Officer.
"As two of the most respected and accomplished Capital Markets
experts in their fields, Sharon and Chad are known for building
high-performing teams and elevating client service, I look forward
to partnering with them as we continue expanding the trajectory of
our growing platform."
In her new role, Karaffa will oversee all aspects of Multifamily
Debt & Structured Finance, focusing on revenue growth, business
development and client and lender relationships while also leading
Newmark's Fannie Mae, Freddie Mac and FHA lending platforms.
Additionally, Karaffa is responsible for developing synergies,
cross-collaboration and cross-selling among Newmark's Multifamily
Capital Markets' Investment Sales and Debt & Structured Finance
teams as the company continues to grow one of the largest
Multifamily Capital Markets platforms in the U.S., which is top two
for multifamily investment sales and a top lender for Freddie Mac
and Fannie Mae.i
"The Newmark Multifamily Capital Markets lending team's
expertise is unrivaled from origination to underwriting through
servicing and asset management," said Karaffa. "I am thrilled at
the opportunity to lead our professionals and to partner with the
Multifamily Investment sales teams as we work collectively with our
clients to exceed their investment goals."
Karaffa has over 20 years of experience, the majority of which
has been in multifamily finance. Under her leadership, over the
past three years, Newmark's Multifamily Capital Markets platform
experienced a 28 percentage point increase in the multifamily
investment sales volume financed through its debt platform and a
nearly 60 percent increase in multifamily debt production volume
overall.ii Before joining the Company in 2017, Karaffa
was the Director of Priority Borrower Relationships and Head of
Structured Transactions for Fannie Mae Multifamily, where, during
her governance, credit facilities experienced triple-digit growth.
Earlier in her career at Fannie Mae, Karaffa managed the
acquisition of seasoned loan portfolios and various lender
relationships and led the Financial Planning & Analysis
division.
Lavender will focus on the development and execution of
Multifamily Capital Markets Investment Sales strategy, managing
senior relationships with key clients and capital sources,
portfolio advisory, recruiting and expanding products and services.
With more than 15 years of commercial real estate experience,
Lavender, who joined Newmark in 2019, was promoted to President of
North America Capital Markets earlier this year. He has completed
investment sales, recapitalizations, debt and joint venture equity
transactions totaling more than $37
billion in value throughout the U.S.
"To have been a part of the fastest-growing global commercial
real estate services firm over the years is a memory I will always
cherish," said Day. "I am tremendously proud of this team, the
incredible talent we have attracted and the unique platform we have
built that has redefined our industry. I eagerly anticipate the
future of the Company and am confident that Sharon and Chad will
continue to drive business growth and the unique culture we
have."
During Day's career at Newmark, he led the growth of the
Multifamily Capital Markets business to over $70 billion in annual transaction
volumeiii and built a servicing and asset management
portfolio of over $177
billion.iv He was a member of the Newmark
Executive Committee and led several strategic Company initiatives,
including the build-out of the Newmark offshoring platform,
revitalizing several operating businesses and driving the strategic
technology plan.
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. For the year ending December
31, 2022, Newmark generated revenues of approximately
$2.7 billion. As of September 30, 2023, Newmark's company-owned
offices, together with its business partners, operate from
approximately 170 offices with 7,400 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.
i MSCI Real Capital Analytics ("RCA"), Freddie
Mac, and Fannie Mae (together, the "GSEs").
ii Numbers reflect volumes generated by Newmark's
multifamily mortgage brokerage and GSE/FHA originations businesses,
which together may be referred to as "total debt", between 2019 and
2022.
iii Over $70B
reflects Newmark's 2021 record year for Multifamily Capital
Markets Volume.
iv $177 B reflects
Newmark's Servicing & Asset Management portfolio as of
9/30/2023.
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SOURCE Newmark Group, Inc.