After a year of newsworthy gains in talent, Newmark is dealing with a significant loss.
Co-president of debt and structured finance Dustin Stolly left the commercial brokerage on Friday following seven years with the company, the Commercial Observer reported. The Promote’s Hiten Samtani previously reported that Stolly was on an extended leave of absence that left his future at the firm uncertain.
Neither Newmark nor Stolly have publicly commented on the broker’s exit yet. Reportedly Stolly is looking at opportunities at other firms, but may also start his own venture.
Stolly and Jordan Roeschlaub teamed up at Newmark to form one of the industry’s top capital markets teams. In the 12-month period ending in March 2023, Stolly facilitated $29.1 billion of loans and $5.18 billion of equity. The pair also arranged $1.3 billion in loan sales over the same period, despite rising interest rates.
Last year, Stolly helped arrange a $71.5M loan from Deutsche Bank for Empire Capital’s $107.5 million acquisition of 529 Fifth Avenue from Silverstein Properties.
Stolly was also a critical part of Newmark’s push into raising equity for platform and programmatic joint ventures. Last March, Stolly and Roeschlaub arranged a $500 million joint venture with Castle Park Investments aimed at manufactured housing.
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Before his time at Newmark, Stolly spent 10 years at JLL, where he closed $25 billion worth of capital market transactions and served as managing director of the brokerage’s investment banking practice. Among the major deals he arranged were Starwood Capital Group’s $500 million refinancing of an 85-hotel portfolio across the country and a $150 million construction loan for the Dumbo office conversion of 10 Jay Street.
He left JLL in May 2017, joining Newmark two months later.
Howard Lutnick’s firm has been pushing hard to ascend the commercial brokerage ladder, spending big money where it counts. In February 2023, Newmark poached Doug Harmon and Adam Spies from rival Cushman & Wakefield as co-heads of its capital markets team.