Top Broker Dustin Stolly Leaves Newmark
Dustin Stolly, Newmark’s co-president of debt and structured finance, left the firm on Friday.
Stolly is considering his options, including breaking out on his own or joining a different firm, Commercial Observer reported.
Stolly is one of the country’s most active capital markets brokers. The team he led with co-President Jordan Rosechalub arranged $19B of debt and $2.8B of equity and platform raises in the 12 months ending March 2024. Stolly was also part of facilitating $30B in loans and $5B of equity over the previous 12 months.
In February, Stolly, Roeschlaub and Nick Scribani arranged the debt for a $600M loan for Mast Capital. The multifamily loan is the largest ever given for a single tower in Florida.
In 2023, Stolly and Roeschlaub led Newmark into raising equity for platform and programming joint ventures.
Stolly started at Newmark in 2017 after spending a decade at JLL, where he became managing director of investment banking and closed $25B worth of capital markets deals.
Big brokerages, Newmark included, saw profits and revenue increase during the second quarter despite interest rates digging into commercial real estate. Brokerages across the board saw a boost in sales and leasing activity in Q2 that is expected to continue or even accelerate as interest rates come down.
"We passed the inflection point," Newmark CEO Barry Gosin said during its Q2 earnings call.
The brokerage reported a profit of $14.2M in Q2, more than double its net income during the same time in 2023. Its revenues increased for management, office leasing and capital markets. Newmark Chief Revenue Officer Luis Alvarado said on the call that commitments became longer-term during the quarter, and the pipeline looked favorable moving forward.
