High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Outer  + Finance  | 

Walker & Dunlop Structures Refi on Brooklyn Heights MF

Walker & Dunlop has structured a $52.5-million refinance on 153 Remsen, a newly constructed, Class A multifamily property in Brooklyn Heights. The Walker & Dunlop team of Tom Toland, Al Rex, Hal Reinauer and Marty McGrogan arranged the refi on behalf of the developers, Quinlan Development Group and Lonicera Partners.

A life insurance company provided the permanent, 12-year, fixed rate loan for 153 Remsen, which has seen brisk lease-up since opening in June 2017. The financing will be interest-only for part of the term.

“While the capital markets have a strong appetite for new construction in key markets such as this one, high leverage, long-term financing for properties in lease-up can still be challenging to find,” said Toland. “153 Remsen is an irreplaceable property in an area with high barriers to entry. This, coupled with excellent sponsorship and our strong lender relationships, allowed us to meet the developers’ needs.”

For comments, questions or concerns, please contact Paul Bubny

Read More News Stories About: Walker & Dunlop
Connect

Inside The Story

Connect With Walker & Dunlop's TolandConnect With Quinlan

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
New call-to-action
New call-to-action