Luxury Apartment Building in Yonkers Receives $160 Million in Financing Arranged by Walker & Dunlop

Rhea-AI Summary

Walker & Dunlop announced the structuring of $160 million in financing for Sawyer Place, a Class A multifamily building in Yonkers, New York. The property comprises two towers with 438 rental units and retail space. The financing replaces the existing construction loan and was arranged through a partnership with RXR Realty and Mesa West Capital. This development has become a highly sought-after rental option, attracting interest from both local and NYC residents, as it offers modern amenities and a prime location.

Positive

• Successfully structured $160 million in financing for Sawyer Place.
• Sawyer Place is experiencing high leasing velocity and demand.
• The property is strategically located near public transport and major highways.

Negative

• None.

BETHESDA, Md., Nov. 18, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $160,000,000 in financing for Sawyer Place, a recently-built, Class A multifamily building located in the burgeoning neighborhood of Yonkers, New York. Completed in 2020, the property consists of two connected towers featuring 438 beautifully designed rental units and approximately 31,000 rentable square feet of ground-floor retail.

Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Sean Bastian led Walker & Dunlop's team in structuring the refinance, which replaces the property's existing construction loan. The team served as exclusive advisor to their client, RXR Realty, a vertically integrated property owner, developer, and operator headquartered in New York City. Drawing on their extensive network of capital providers, the team identified Mesa West Capital as the ideal lender and arranged a five-year, floating rate non-recourse bridge loan.

Said Michael Maturo, President of RXR Realty, "Sawyer Place has quickly evolved into one of the most sought-after rental buildings in downtown Yonkers. The property has witnessed tremendous leasing velocity from both residents moving within the surrounding county as well as from New York City, and will continue to be a highly attractive rental option to both young professionals and families who have a desire to live in this rapidly expanding Yonkers neighborhood." He added, "We were thrilled with the execution that Walker & Dunlop's New York City team brought to this deal. They found a perfect capital partner to suit our unique needs and specifications."

"We were honored to work with a longtime client, RXR, on Sawyer Place, one of their newest developments," commented Appel. "Downtown Yonkers is increasingly becoming a desirable live-work-play destination with an artistic and cultural scene that is redefining the neighborhood. The capital markets saw the value in the location and the superior amenities offered by Sawyer Place, resulting in a very competitive financing."

Located just blocks from the Hudson waterfront, Sawyer Place features panoramic views of Manhattan's skyline, the Hudson River, and the Palisades. Sawyer Place offers residents a modernized luxury experience, featuring unit interiors with stainless steel appliances, keyless fob entry, in-home washers and dryers, and floor-to-ceiling windows. On-site amenities include a landscaped roof terrace, indoor theater, state-of-the-art fitness center, 24/7 concierge, resident lounge, on-site valet parking, and a 533-space parking garage. The property is within a three-minute walk of the Yonkers Metro-North station, providing a seamless commute into Manhattan, and is also proximate to five major highways, offering access to the rest of Westchester County, Fairfield County, and New York City.

Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, originating $31 billion in transactions and lending over $24 billion for multifamily properties. With one of the strongest networks in the industry, the firm also completed $11 billion in brokered loan originations in 2020, a 6% increase over 2019. For information about multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

 

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SOURCE Walker & Dunlop, Inc.

FAQ

What is the financing amount Walker & Dunlop arranged for Sawyer Place?

Walker & Dunlop arranged $160 million in financing for Sawyer Place.

Where is Sawyer Place located?

Sawyer Place is located in Yonkers, New York.

Who is the client for the Sawyer Place financing?

The client for the Sawyer Place financing is RXR Realty.

What type of building is Sawyer Place?

Sawyer Place is a Class A multifamily building.

What amenities does Sawyer Place offer?

Sawyer Place offers luxury amenities including a fitness center, concierge service, and a landscaped roof terrace.