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Steiner NYC Buys Out JPMorgan on Brooklyn Rental Tower
Steiner NYC has recapitalized Hub, a Brooklyn rental tower, for $420 million. The recap enables Steiner, which developed the 55-story tower, to buy out its equity partner, JPMorgan Asset Management.
A Walker & Dunlop Capital Markets team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Christopher de Raet advised Steiner on the recap and also arranged $62.5 million of preferred equity from Meadow Partners.
“It’s been a privilege to work alongside Steiner to execute this unique project,” said Appel. “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.”
JLL Capital Markets’ Investment and Sales Advisory team led by senior managing directors Rob Hinckley, Jeffrey Julien and Andrew Scandalios, along with managing director Steven Rutman, represented Steiner and JPMorgan in arranging the transaction.
Located at 333 Schermerhorn St., Hub was the tallest building in Brooklyn upon completion in 2018. W&D previously arranged the construction financing, JPMorgan’s equity investment and institutional permanent financing in 2019.
