XML 52 R41.htm IDEA: XBRL DOCUMENT v3.19.2
Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

(32)

Subsequent Events

Second Quarter 2019 Dividend

On July 31, 2019, Newmark’s Board of Directors declared a quarterly qualified cash dividend of $0.10 per share payable on September 5, 2019 to Class A and Class B common stockholders of record as of August 20, 2019.

 

Other Related Party Transactions

 

In July 2019, Cantor Commercial Real Estate Lending, L.P. (“CCRE Lending”), a wholly owned subsidiary of Real Estate LP, made a $146.6 million commercial real estate loan (the “Loan”) to a single-purpose company (the “Borrower”) in which Barry Gosin, Newmark’s Chief Executive Officer, owns a 19% interest. The Loan is secured

by the Borrower’s interest in property in Pennsylvania that is subject to a ground lease. The terms of the Loan were determined through a bidding process. The Loan matures on August 6, 2029, and is payable monthly at a fixed interest rate of 4.38% per annum. Newmark provided certain commercial loan brokerage services to the Borrower in the ordinary course of its business, and the Borrower paid Newmark a fee, as the broker of the Loan, of $0.7 million. The Newmark Audit Committee approved the commercial loan brokerage services and the related fee amount received.