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Walker & Dunlop Arranges $285M Refi on Greenpoint Apartments

Walker & Dunlop, Inc. said Monday it arranged a $285,000,000 bridge loan to an affiliate of Madison Realty Capital to refinance Greenpoint Central, a newly built, 473-unit Class-A multifamily property located at 65-75 DuPont St. in Brooklyn’s Greenpoint neighborhood. Walker & Dunlop Capital Markets Institutional Advisory, led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims and Nicholas Gilhooley, arranged the loan from TPG Real Estate Credit.

Comprising two ground-up developments on the former Nuhart Plastics Manufacturing site, the property includes studio, one- and two-bedroom apartments, with 70% market-rate and 30% affordable units developed through the Affordable New York 421(a) Option C program and the Inclusionary Housing program. The property also features 19,589 square feet of retail space on the ground floor and cellar level.

Reimer said, “We’re proud to represent Madison Realty Capital in refinancing this construction loan, supporting funding reserves, closing and the return of equity to investors.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing