BETHESDA, Md., Nov. 18, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured
$160,000,000 in financing for
Sawyer Place, a
recently-built, Class A multifamily building located in the
burgeoning neighborhood of Yonkers, New
York. Completed in 2020, the property consists of two
connected towers featuring 438 beautifully designed rental units
and approximately 31,000 rentable square feet of ground-floor
retail.
Aaron Appel, Jonathan Schwartz, Keith
Kurland, Adam Schwartz,
Michael Ianno, and Sean Bastian led Walker & Dunlop's team in
structuring the refinance, which replaces the property's existing
construction loan. The team served as exclusive advisor to their
client, RXR Realty, a vertically integrated property owner,
developer, and operator headquartered in New York City. Drawing on their extensive
network of capital providers, the team identified Mesa West Capital
as the ideal lender and arranged a five-year, floating rate
non-recourse bridge loan.
Said Michael Maturo,
President of RXR Realty, "Sawyer
Place has quickly evolved into one of the most sought-after
rental buildings in downtown Yonkers. The property has witnessed tremendous
leasing velocity from both residents moving within the surrounding
county as well as from New York
City, and will continue to be a highly attractive rental
option to both young professionals and families who have a desire
to live in this rapidly expanding Yonkers neighborhood." He added, "We were
thrilled with the execution that Walker & Dunlop's New York City team brought to this deal. They
found a perfect capital partner to suit our unique needs and
specifications."
"We were honored to work with a longtime client, RXR, on Sawyer
Place, one of their newest developments," commented Appel.
"Downtown Yonkers is increasingly
becoming a desirable live-work-play destination with an artistic
and cultural scene that is redefining the neighborhood. The capital
markets saw the value in the location and the superior amenities
offered by Sawyer Place, resulting
in a very competitive financing."
Located just blocks from the Hudson waterfront, Sawyer Place features panoramic views of
Manhattan's skyline, the Hudson
River, and the Palisades. Sawyer
Place offers residents a modernized luxury experience,
featuring unit interiors with stainless steel appliances, keyless
fob entry, in-home washers and dryers, and floor-to-ceiling
windows. On-site amenities include a landscaped roof terrace,
indoor theater, state-of-the-art fitness center, 24/7 concierge,
resident lounge, on-site valet parking, and a 533-space parking
garage. The property is within a three-minute walk of the Yonkers
Metro-North station, providing a seamless commute into Manhattan, and is also proximate to five major
highways, offering access to the rest of Westchester County, Fairfield County, and
New York City.
Walker & Dunlop was the top provider of capital to the U.S.
multifamily market in 2020, originating $31
billion in transactions and lending over $24 billion for multifamily properties. With one
of the strongest networks in the industry, the firm also completed
$11 billion in brokered loan
originations in 2020, a 6% increase over 2019. For information
about multifamily properties available for sale via Walker &
Dunlop's investment sales platform, visit our website.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD) is the largest provider of capital to the
multifamily industry in the United
States and the fourth largest lender on all commercial real
estate including industrial, office, retail, and hospitality.
Walker & Dunlop enables 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 make 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.