Walker & Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub
Walker & Dunlop (WD) has successfully orchestrated a $420 million recapitalization of Hub, a premium 750-unit high-rise multifamily building in downtown Brooklyn. The transaction enabled Steiner NYC to acquire full ownership by buying out their equity partner, J.P. Morgan Asset Management.
The deal structure included $62.5 million of preferred equity from Meadow Partners. Hub, completed in 2018, stands 55 stories tall and was Brooklyn's tallest building at completion. Located at 333 Schermerhorn Street, the property offers studio, one-, and two-bedroom rentals with access to 12 subway lines within a 2-block radius.
The transaction was completed rapidly, taking only two months from contract signing to closing. This deal follows WD's previous involvement in arranging the construction financing, JPMAM's equity investment, and institutional permanent financing in 2019.
Walker & Dunlop (WD) ha orchestrato con successo una ricapitalizzazione di 420 milioni di dollari per Hub, un prestigioso edificio multifamiliare di 750 unità situato nel centro di Brooklyn. La transazione ha permesso a Steiner NYC di acquisire la piena proprietà comprando la quota del partner azionario, J.P. Morgan Asset Management.
La struttura dell'affare includeva 62,5 milioni di dollari di capitale preferenziale da Meadow Partners. Hub, completato nel 2018, è alto 55 piani ed è stato l'edificio più alto di Brooklyn al momento della sua inaugurazione. Situato al 333 di Schermerhorn Street, la proprietà offre affitti di monolocali, bilocali e trilocali con accesso a 12 linee della metropolitana entro un raggio di due isolati.
La transazione è stata completata rapidamente, richiedendo solo due mesi dalla firma del contratto alla chiusura. Questo affare segue il precedente coinvolgimento di WD nell'organizzazione del finanziamento per la costruzione, dell'investimento azionario di JPMAM e del finanziamento permanente istituzionale nel 2019.
Walker & Dunlop (WD) ha orquestado con éxito una recapitalización de 420 millones de dólares para Hub, un edificio multifamiliar de 750 unidades de alta gama en el centro de Brooklyn. La transacción permitió a Steiner NYC adquirir la propiedad total al comprar la participación de su socio de capital, J.P. Morgan Asset Management.
La estructura del acuerdo incluyó 62,5 millones de dólares en capital preferente de Meadow Partners. Hub, completado en 2018, tiene 55 pisos de altura y fue el edificio más alto de Brooklyn al finalizar su construcción. Ubicado en 333 Schermerhorn Street, la propiedad ofrece alquileres de estudios, apartamentos de una y dos habitaciones con acceso a 12 líneas de metro en un radio de dos manzanas.
La transacción se completó rápidamente, tomando solo dos meses desde la firma del contrato hasta el cierre. Este acuerdo sigue la participación previa de WD en la organización del financiamiento de construcción, la inversión de capital de JPMAM y el financiamiento permanente institucional en 2019.
Walker & Dunlop (WD)는 브루클린 시내에 위치한 750세대의 고급 다세대 주택인 Hub의 4억 2천만 달러 자본 재편성을 성공적으로 orchestrated했습니다. 이 거래를 통해 Steiner NYC는 J.P. Morgan Asset Management의 지분 파트너를 매입하여 완전 소유권을 확보했습니다.
거래 구조에는 Meadow Partners의 6천250만 달러의 우선주 자본이 포함되었습니다. 2018년에 완공된 Hub는 55층 높이로, 완공 당시 브루클린에서 가장 높은 건물이었습니다. 333 Schermerhorn Street에 위치한 이 부동산은 2블록 반경 내에 12개의 지하철 노선에 접근할 수 있는 스튜디오, 1베드룸 및 2베드룸 임대 아파트를 제공합니다.
이 거래는 계약 서명부터 마감까지 단 2개월이 걸려 신속하게 완료되었습니다. 이 거래는 2019년에 WD가 건설 자금 조달, JPMAM의 자본 투자 및 기관 영구 자금 조달을 주선한 것에 이어 진행되었습니다.
Walker & Dunlop (WD) a orchestré avec succès une recapitalisation de 420 millions de dollars pour Hub, un immeuble résidentiel de luxe de 750 unités situé au centre de Brooklyn. La transaction a permis à Steiner NYC d'acquérir la pleine propriété en rachetant la part de son partenaire en capital, J.P. Morgan Asset Management.
La structure de l'accord comprenait 62,5 millions de dollars de capital préférentiel de Meadow Partners. Hub, achevé en 2018, mesure 55 étages de haut et était le bâtiment le plus haut de Brooklyn à son achèvement. Situé au 333 Schermerhorn Street, la propriété propose des locations de studios, d'appartements d'une et de deux chambres avec accès à 12 lignes de métro dans un rayon de deux pâtés de maisons.
La transaction a été réalisée rapidement, ne prenant que deux mois entre la signature du contrat et la clôture. Cet accord fait suite à l'implication précédente de WD dans l'organisation du financement de la construction, l'investissement en capital de JPMAM et le financement permanent institutionnel en 2019.
Walker & Dunlop (WD) hat erfolgreich eine Rekapitalisierung in Höhe von 420 Millionen Dollar für Hub, ein hochwertiges Mehrfamilienhaus mit 750 Einheiten im Stadtzentrum von Brooklyn, organisiert. Die Transaktion ermöglichte es Steiner NYC, die vollständige Eigentümerschaft zu erwerben, indem sie ihren Eigenkapitalpartner, J.P. Morgan Asset Management, auskaufte.
Die Struktur des Deals umfasste 62,5 Millionen Dollar an Vorzugsaktien von Meadow Partners. Hub, das 2018 fertiggestellt wurde, ist 55 Stockwerke hoch und war zum Zeitpunkt der Fertigstellung das höchste Gebäude in Brooklyn. Die Immobilie befindet sich in der 333 Schermerhorn Street und bietet Mietwohnungen mit Studios, Ein- und Zweizimmerwohnungen sowie Zugang zu 12 U-Bahn-Linien im Umkreis von zwei Blocks.
Die Transaktion wurde schnell abgeschlossen und benötigte nur zwei Monate von der Vertragsunterzeichnung bis zum Abschluss. Dieser Deal folgt WD's vorheriger Beteiligung an der Organisation der Baufinanzierung, der Eigenkapitalinvestition von JPMAM und der institutionellen dauerhaften Finanzierung im Jahr 2019.
- Successfully arranged $420M recapitalization deal
- Secured $62.5M preferred equity financing
- Demonstrated quick deal execution (2 months)
- Capital Markets group sourced over $16B in transactions in 2024
- None.
Insights
Walker & Dunlop's successful execution of a
This transaction showcases W&D's sophisticated deal structuring capabilities and their ability to maintain valuable long-term client relationships. They've now supported this property through multiple lifecycle stages: construction financing, equity investment, permanent financing in 2019, and now this recapitalization. Such relationship continuity creates predictable, recurring transaction opportunities - a highly desirable quality in financial services.
The rapid execution timeline ("two months from contract signing to closing") demonstrates W&D's operational efficiency with complex transactions. While the
This transaction reinforces W&D's position as a sophisticated advisor capable of navigating complex capital structures for trophy real estate assets in prime urban markets - a valuable competitive differentiator in commercial real estate finance.
Walker & Dunlop Advises on
The Walker & Dunlop Capital Markets team, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Christopher de Raet, acted as exclusive advisors to Steiner NYC, successfully enabling them to buy out their equity partner, J.P. Morgan Asset Management.
The Walker & Dunlop team advised Steiner on the
“We are pleased to serve as a flexible and creative partner to Steiner NYC through our preferred equity financing solution for Hub,” said Marc Mechanic, partner at Meadow Partners. “Meadow has significant experience as both an owner and lender operating in
“It’s been a privilege to work alongside Steiner to execute this unique project,” said Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. “This deal stands apart from traditional financings due to its complex structure, which involved an equity buyout and the sourcing of preferred equity to help capitalize the transaction. We are excited to see Steiner gain full ownership of this landmark property.”
Developed by Steiner, Hub, at 55 stories, was the tallest building in
“Walker & Dunlop added real value. This deal would not have gotten done without them. And it got done fast – two months from contract signing to closing,” said Doug Steiner, Chairman of Steiner NYC. “We obviously take enormous pride in Hub, so we are thrilled to now have full ownership.”
Steiner traces its roots to 1907. Notable projects include: Steiner Studios,
In 2024, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling over
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in
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Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com
Media:
Nina H. von Waldegg
VP, Public Relations
Phone 301.564.3291
info@walkeranddunlop.com
Phone 301.215.5500
7272 Wisconsin Avenue, Suite 1300
Source: Walker & Dunlop, Inc.
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