Walker & Dunlop Structures $754 Million in Financing for Aman New York Luxury Residences

Rhea-AI Summary

Walker & Dunlop structured $754 million in financing for Aman New York, a luxury hotel and residence development at the iconic Crown Building. This financing involved a competitive bidding process, ultimately secured with JPMorgan Chase, including a bridge loan and a condo inventory loan. The development features 22 exclusive residences and 83 hotel rooms, with the hotel opening on August 2, 2022. Notably, one condo sold for $55 million, marking one of New York's high-profile transactions this year. Walker & Dunlop's strong market presence is highlighted by its $68 billion transaction volume in 2021.

Positive

• Secured $754 million in financing, demonstrating solid capital sourcing capabilities.
• High demand evidenced by nearly sold-out residential units.
• Prominent luxury development may enhance Walker & Dunlop’s reputation in the commercial real estate market.

Negative

• None.

BETHESDA, Md., July 12, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $754,000,000 in financing for Aman New York, one of New York's most anticipated luxury hotel and residence developments. Occupying the top 20 floors of the iconic 100-year-old Crown Building on 57^th Street and Fifth Avenue, the Aman New York was developed by the OKO Group, an international real estate development firm passionate about merging world-class property development with world-class architecture and design.

Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz led Walker & Dunlop's team in structuring the debt financing provided by JPMorgan Chase. This three-year financing consisted of a bridge loan and a condo inventory loan. Financing this property was highly competitive, with many capital sources bidding to finance this unique development.

"We're excited to have worked with the OKO and Aman teams on this world-class asset," says Keith Kurland. "Their unparalleled vision to deliver a seven-star hotel and residences has truly come to fruition."

The 95,000 square-foot residential section of the development includes 22 exclusive residences, while the 117,000 square-foot hotel portion contains 83 guest rooms and suites. These rooms are among New York's largest, and this hotel is the only hotel in New York to offer a working fireplace in each room. This development is Aman's first US urban residence project and provides unique features for owners, including a private entrance, access to three dining venues, the Jazz Club, the Wine Room, and the renowned 25,000 square feet Aman Spa. The residences are almost entirely sold out, with one of the condos selling for $55 million, in one of New York's priciest residential transactions so far this year.

Originally built in 1921, the Crown Building was the first home of the Museum of Modern Art. It was renamed in 1983 for its iconic crown-like appearance when illuminated. The hotel portion of the property will open on August 2^nd, with reservations opening on July 25^th.

Walker & Dunlop is the ninth CRE lender overall in 2021 with $68B in total transaction volume last year. With one of the strongest networks in the industry, the firm's 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020. To learn more about our Capital Markets capabilities and 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, 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.

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SOURCE Walker & Dunlop, Inc.

FAQ

What financing did Walker & Dunlop structure for Aman New York?

Walker & Dunlop structured $754 million in financing, including a bridge loan and a condo inventory loan.

When will Aman New York open?

Aman New York is set to open on August 2, 2022.

What is significant about the Aman New York project?

The Aman New York project features 22 luxury residences and 83 hotel rooms, with a notable condo selling for $55 million.

Who provided the financing for Aman New York?

The financing was provided by JPMorgan Chase.

What was Walker & Dunlop's transaction volume in 2021?

Walker & Dunlop had a transaction volume of $68 billion in 2021.