BETHESDA, Md., Nov. 30, 2021 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it arranged $170,000,000 in financing from PCCP, LLC for
122 Fifth Avenue, a historic mixed-use office and
retail building located on Fifth Avenue, between West 17th and 18th
Streets, in Manhattan, New York.
The property, owned by Bromley Companies for over 40 years, is
currently undergoing a comprehensive renovation and repositioning
plan.
Walker & Dunlop's Aaron
Appel, Jonathan Schwartz,
Keith Kurland, Adam Schwartz, as well as Sean Bastian and Michael
Ianno, arranged the financing on behalf of their client and
tapped into their broad network of capital providers to identify
PCCP, LLC as the ideal lender. The team successfully refinanced the
property's existing loan in addition to securing funding for
capital expenditures and tenant improvements necessary to undertake
the extensive redevelopment.
"The financing arranged by the Walker & Dunlop team provided
us with the opportunity to partner with PCCP on a seamlessly
executed financing transaction and continue with a robust capital
improvement plan for 122 Fifth Avenue and introduce new, modern
space to the Midtown South community," said Neal McGraw, Chief Financial Officer of Bromley
Companies. "With a post-COVID design in mind, we'll be adding
collaborative workspaces and offer the largest office floorplates
in the Flatiron / Union Square submarket, complete with horizontal
and vertical expansion opportunities, among other
enhancements."
Mr. Appel added, "Bromley Companies is a valued client that has
built a spectacular reputation over decades as an investor,
developer, and operator. With a brand-new look and feel, 122 Fifth
Avenue will cement itself as an extremely valuable property within
Bromley's diverse portfolio. It has been fully occupied for almost
30 years, and will no doubt continue to attract the world class
technology, media, and enterprise companies that are positioned in
the area."
"PCCP was pleased to provide this loan to Bromley Companies for
the opportunity to redevelop what we believe will be one of Midtown
South's most desirable office properties," said Brian Haber of PCCP. "Bromley is an experienced,
long-term owner. Bromley remained committed to their business plan
throughout a period with a lot of uncertainty and their commitment
was rewarded here by landing a highly coveted tenant. It was a
pleasure to work with the Walker & Dunlop team on another
financing as we continue to grow our New
York footprint."
At approximately 300,000 square feet, 122 Fifth Avenue was
originally built in 1900, along with the other pre-WWI buildings
that line Fifth Avenue from 14th to 23rd Street. Upcoming
renovations will feature an 18,700-square-foot rooftop overlooking
the Empire State Building and Hudson Yards. With indoor and outdoor
elements, the unique penthouse space will be home to The Pavilion,
a 4,315-square-foot jewel box with floor-to-ceiling wrap-around
glass, surrounded by 13,200 square feet of terraces. The property
is within walking distance of New York
City's Union Square transit hub, Madison Square Park, and Union Square Park.
As the fourth largest commercial real estate lender in
the United States in 2020, Walker
& Dunlop is a leader in the industry and continues to expand
its capabilities and reach across the country. The firm has
ambitious goals to expand its capital markets business, with a goal
to originate $65 billion of annual
debt financing volume by 2025. To learn more about our capabilities
and financing options, 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.
About PCCP, LLC
PCCP, LLC is a real estate
finance and investment management firm focused on commercial real
estate debt and equity investments. PCCP has $13.9 billion in assets under management on
behalf of institutional investors. With offices in
New York, San Francisco, Atlanta, and Los
Angeles, PCCP has a 23-year track record of providing real
estate owners and investors with a broad range of funding options
to meet capital requirements. PCCP underwrites the entire capital
stack to exploit inefficiencies in the market and provide investors
with attractive risk-adjusted returns. Since its inception in 1998,
PCCP has managed, raised or invested over $27.5 billion of capital through a series of
investment vehicles including private equity funds, separate
accounts and joint ventures. PCCP continues to seek investment
opportunities with experienced operators seeking fast and reliable
capital. Learn more about PCCP at www.pccpllc.com.
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SOURCE Walker & Dunlop, Inc.