Walker & Dunlop Arranges $36 Million in Financing for Luxury Mixed-Use Building in Brooklyn

Rhea-AI Summary

Walker & Dunlop has secured $36 million in financing for a luxury multifamily property in Bushwick, Brooklyn. The property features 64 units, including 41 two-bedroom and 23 studio apartments, with 30% designated for affordable housing. It includes 14,080 square feet of retail space, fully leased until at least 2030. The refinance replaces an existing construction loan, facilitated by Amherst Capital Management. Walker & Dunlop, a leading U.S. multifamily capital provider, originated $31 billion in transactions in 2020, highlighting its strong market position.

Positive

• Secured $36 million financing for a 64-unit luxury multifamily property.
• Property includes 14,080 square feet of retail space, 100% leased until at least 2030.
• 30% of multifamily units designated for affordable housing.
• Walker & Dunlop was top provider of capital to the U.S. multifamily market in 2020, with $31 billion in transactions.
• The refinance facilitates Cayuga Capital Management's portfolio expansion.

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• None.

BETHESDA, Md., Dec. 6, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $36,000,000 in financing for , a 64-unit, luxury multifamily property located in the burgeoning neighborhood of Bushwick in Brooklyn, New York. With over 14,000 rentable square feet of retail space, the property was built in 2018 and is one of the newest in the surrounding area.

Walker & Dunlop's Aaron Appel, Michael Diaz, Michael Ianno, and Jackson Irwin exclusively advised and structured the refinance on behalf of their client, Cayuga Capital Management, effectively supporting the firm's business plan of repatriating equity and expanding their portfolio. Ultimately selecting Amherst Capital Management as the ideal lender, the team secured a five-year bridge loan with a competitive floating rate to replace the property's existing construction loan.

Mr. Appel commented, "Our New York Capital Markets team drove a comprehensive marketing process, which culminated in exceptional terms from a variety of lenders. Thanks to its stable in-place cash flow and tremendous upside potential 600 Bushwick was extremely well received by the capital markets."

"We were pleased to work with Walker & Dunlop to close a highly attractive, $36 million refinance with Amherst Capital for our property at 600 Bushwick Avenue, a completed and fully leased up commercial mixed-use property in Brooklyn," said Jacob Sacks of Cayuga Capital Management. "The teams at Walker & Dunlop and Amherst Capital are seasoned professionals, and we look forward to collaborating with them on future financings."

600 Bushwick comprises 41 two-bedroom apartments, and 23 studio apartments, with 30% of the property's multifamily units designated to affordable residents. The building's retail space covers 14,080 square feet and is 100% leased through at least 2030. Its largest retail tenant, The Learning Experience Academy, is estimated to take occupancy in January 2022. Ideally positioned on the western edge of the Bushwick neighborhood, the property is just a block away from the M, J, and Z subway lines, providing residents with ease of access to Manhattan, Brooklyn, and the greater New York Metro area.

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. To learn more about our Capital Markets capabilities and financing options, 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 financing did Walker & Dunlop secure for the property in Brooklyn?

Walker & Dunlop secured $36 million in financing for a luxury multifamily property located in Bushwick, Brooklyn.

What is the significance of the $36 million refinance announced on December 6, 2021?

The refinance replaces an existing construction loan, supporting the client's business plan for equity repatriation and portfolio expansion.

What are the key features of the 600 Bushwick Avenue property?

The property includes 64 units, comprised of 41 two-bedroom and 23 studio apartments, with 30% designated for affordable housing.

When is the largest retail tenant expected to occupy the property?

The largest retail tenant, The Learning Experience Academy, is estimated to take occupancy in January 2022.

How did Walker & Dunlop perform in the multifamily market in 2020?

Walker & Dunlop was the top provider in the U.S. multifamily market, originating $31 billion in transactions.