Walker & Dunlop Structures $385 Million Financing for Williamsburg Waterfront Housing with Unparalleled Views

Rhea-AI Summary

Walker & Dunlop announced the structuring of $385 million in financing for 470 Kent Avenue, a mixed-use development in Williamsburg, Brooklyn. The project will comprise 463 rental apartments (30% affordable) and 90 luxury condominiums, totaling over 627,000 gross square feet. The development will include amenities such as outdoor terraces, a fitness center, and an ice-skating rink, enhancing the neighborhood's appeal. The project, backed by Naftali Group and Access Industries, aims to meet evolving resident demands with proximity to transportation options.

Positive

• Successfully structured $385 million in financing for the development.
• Development includes 30% affordable housing, enhancing community value.
• Amenities such as a fitness center and ice-skating rink will attract residents.

Negative

• None.

BETHESDA, Md., Nov. 18, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured nearly $385 million in financing for 470 Kent Avenue, a mixed-use development located directly along the East River waterfront in Brooklyn's Williamsburg neighborhood. The property will feature sweeping views of Manhattan and Brooklyn, complete with premium amenities such as multiple outdoor common terraces, a state-of-the-art fitness center, resident lounges, a library, and an ice-skating rink, among others. The development will bring over 500 new residences to Williamsburg's waterfront, made up of 463 rental apartments (30% affordable) and 90 luxury condominiums.

Walker & Dunlop's New York Capital Markets team including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Jackson Irwin was retained by the Naftali Group and Access Industries, Inc. to arrange the financing for the first phase of construction. When completed, 470 Kent will include three towers totaling over 627,000 gross square feet of for-sale residential, multifamily, and retail offerings. Bank OZK and Barings financed the transaction.

"This project will offer residents a truly one-of-a-kind living experience in the heart of one of New York's most unique and desirable neighborhoods," said Aaron Appel of Walker & Dunlop. "We're excited about 470 Kent and proud to continue working with great clients in developing and growing prime Brooklyn communities."

The lack of remaining development sites in the area solidifies 470 Kent's 360-feet timeless waterfront view. The property is designed to complement the existing character of the neighborhood with amenities that meet evolving resident demands. With close proximity to the East River Ferry, the Williamsburg Bridge, the Marcy Avenue J-M-Z train station, and the proposed Brooklyn-Queens Connector, residents will be able to efficiently access all five boroughs with ease.

Walker & Dunlop's Capital Markets team has deep relationships with capital providers across the country including banks, life insurance companies, and commercial mortgage-backed securities (CMBS) conduits with 350 capital sources. In 2021, the Capital Markets team closed with nearly $30 billion in production volume from 1,300 loans. This vast experience has made them a top advisor on all asset classes for many of the industry's top developers. To learn more about Walker & Dunlop's diverse financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry in the United States, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. Our people, brand and technology make W&D one of the most insightful and customer-focused firms in our industry. With more than 1,400 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 significance of the $385 million financing by WD?

The $385 million financing by Walker & Dunlop enables the development of a major mixed-use project in Williamsburg, contributing to local housing and community growth.

How many residences will the 470 Kent Avenue project include?

The 470 Kent Avenue project will feature over 500 new residences, consisting of 463 rental apartments and 90 luxury condominiums.

What amenities will be available at 470 Kent Avenue?

470 Kent Avenue will offer various amenities including outdoor terraces, a state-of-the-art fitness center, resident lounges, a library, and an ice-skating rink.

Who financed the 470 Kent Avenue project?

The financing for the 470 Kent Avenue project was provided by Bank OZK and Barings.

When was the financing for the Williamsburg development announced?

The financing for the Williamsburg development was announced on November 18, 2022.