Walker & Dunlop Arranges $162.4 Million in Financing from Northwind Group for SHVO's Mandarin Oriental Residences, Fifth Avenue
Walker & Dunlop secured $162.4 million in construction financing for the Mandarin Oriental Residences in New York City. This marks a significant investment in luxurious, turn-key branded residences, managed by Mandarin Oriental. The project is located at Fifth Avenue and East 54th Street in Manhattan. The financing was primarily provided by Northwind Group, which has originated $840 million in loans across various cities last year. The proceeds will be used to refinance existing debt and complete construction costs. Closings are anticipated later this year.
- Secured $162.4 million in construction financing.
- Supports completion of luxury branded residences.
- Northwind Group's strong loan origination history of $840 million enhances credibility.
- None.
BETHESDA, Md., June 14, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it arranged
Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Bastian and Michael Ianno, led Walker & Dunlop's team in arranging the financing. The team served as exclusive advisor to their client, SHVO, the culture-defining real estate development and investment firm headquartered in New York City. Proceeds from the loan allowed SHVO to refinance the existing debt and capitalize for remaining construction costs to complete the conversion of the former Gucci NYC headquarters.
"This transaction highlights the current demand – among both lenders and consumers – for uniquely-branded, turn-key condominium product located in one of Manhattan's most iconic neighborhoods. This financing will reinforce the project's swift completion, with closings anticipated later this year for this world-class, luxury product that is unavailable to buyers in today's market." said Aaron Appel, Senior Managing Director and Co-Head of New York Capital Markets for Walker & Dunlop.
Ran Eliasaf, Founder and Managing Partner of Northwind Group said "We were able to curate a flexible financing solution for this once in a lifetime asset, that will assist our Borrower to achieve its goals, and complete the transformation of this property into one of Manhattan's most beautiful residential buildings. This financing fits well in our strategy and marks another step in our growth as a company. Northwind intends to deploy this year close to
SHVO has developed a forward-thinking best-in-class offering with residents having access to hotel-inspired living, encompassing the legendary service of Mandarin Oriental with the added security and privacy of a residential-only building. The Mandarin Oriental Residences feature 69 fully-furnished and accessorized homes ranging from junior suites to two-bedroom residences appointed with Molteni kitchens and fitted closets, Miele appliances, chevron oak floors, Juliet balconies, custom upholstery, and comprehensive wall coverings as well as Frette sheets, Georg Jensen silver, and custom champagne fixtures by Dornbracht gilded in 22 karat galvanized gold. In addition to white-glove Mandarin Oriental service, the suite of unparalleled amenities includes a state-of-the-art fitness center with steam, sauna, and treatment rooms; a private rooftop pool, with a lounge and bar, featuring views of Central Park; and a private restaurant by Michelin-Starred chef Daniel Boulud – Boulud Privé.
Northwind Group is a real estate private equity firm with offices in Manhattan and Cleveland that has transacted on
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling 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 makes 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.
Walker & Dunlop is the third largest provider of capital to the U.S. multifamily market, originating
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SOURCE Walker & Dunlop, Inc.
FAQ
What is the significance of Walker & Dunlop's $162.4 million financing announced on June 14, 2022?
Who provided the financing for the Mandarin Oriental Residences?
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