Newmark has snagged a seven-person team from Eastdil Secured for its capital markets practice.
Joseph Smolen, Eve Loecher and Will Purcell will be based in Newmark’s San Francisco office, according to a Newmark news release, while Geoff Boler, Jonathan Merhaut, Lee Redmond and Eugene Chong will be based in Orange County.
Smolen and Boler are both joining as executive vice chairmen and will serve on Newmark’s multifamily advisory council. Redmond joins as a vice chairman, also focused on multifamily financing, and Loecher and Chong will be senior managing directors.
Smolen, Boler, Purcell and Merhaut have more than $100 billion in closed transactions between them. They have been responsible for more than 90 percent of the $300-million-plus multifamily sales in the Western U.S. in the last seven years, according to the release. Those deals include the $925-million sale of 3,000 units at Westlake Village Apartments in Daly City in 2023, the $322-million 2022 sale of the 461-unit Kiara in Seattle and the $309-million sale of the 718-unit Park 12 in San Diego, which closed just last month. The Park 12 transaction was the largest single-asset sale in San Diego since 2020, according to an Eastdil social media post about the deal.
Newmark CEO Barry Gosin said in a statement that the New York-based firm has been investing in growing its multifamily capital market share and that new hires “further strengthen our position.”
“Multifamily is one of the most dynamic property types, and by continually expanding our expertise and global reach, we enhance our ability to deliver exceptional advisory and results for our clients,” he said.
Newmark said the firm held the third-place spot in multifamily sales volume in 2024, according to Green Street data, but is planning on further growth. In addition to the most recently announced hires, the firm added several other multifamily debt originators, including Dean Zander in L.A.’s Century City last summer and a leading affordable housing team from Marcus and Millchap one year ago.
In a statement, Smolen referenced Newmark’s “momentum in the marketplace” as one of the attractions for the team, as well as the company’s “client-first, tailored service, innovation and integrity,” which he called “ the perfect foundation for us to continue to grow and thrive.”
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