Walker & Dunlop in Big $70M Manhattan Multifamily Finance Deal
Multifamily sector finance specialist Walker & Dunlop has arranged $70 million in permanent financing for 21 West Street in New York City, the company said in a press release.
The 33-story, 293 unit tower is located in Manhattan’s financial district, proximate to the offices of major financial firms, including Goldman Sachs and American Express.
Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno, and Triston Stegall led the Walker & Dunlop team in arranging the financing for Rose Associates, a repeat client, Walker & Dunlop said.
Based in New York, Rose Associates is a multifamily and mixed-use real estate developer and operator that has overseen the successful residential and retail leasing at the property for nearly 30 years.
The 12-year loan, provided by MetLife, features an attractive fixed rate and interest-only payments for the entire term, which will ensure continued operating performance for years to come, according to Walker & Dunlop.
The Rose Associates team was led by Marc Ehrlich, Chief Investment Officer and Michele Bengelsdorf, Head of Asset Management.
“Though the New York City rental market experienced headwinds during the COVID-19 pandemic, the market has successfully absorbed more than 60,000 new units that were delivered over the past four years. With vacancies at near record lows, this lending opportunity was very attractive to the capital markets,” said Walker & Dunlop’s Jonathan Schwartz
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