BETHESDA, Md., Dec. 6, 2021 /PRNewswire/ -- Walker & Dunlop,
Inc. announced today that it structured $36,000,000 in financing for , a 64-unit,
luxury multifamily property located in the burgeoning neighborhood
of Bushwick in Brooklyn, New York.
With over 14,000 rentable square feet of retail space, the property
was built in 2018 and is one of the newest in the surrounding
area.
Walker & Dunlop's Aaron
Appel, Michael Diaz,
Michael Ianno, and Jackson Irwin exclusively advised and structured
the refinance on behalf of their client, Cayuga Capital Management,
effectively supporting the firm's business plan of repatriating
equity and expanding their portfolio. Ultimately selecting Amherst
Capital Management as the ideal lender, the team secured a
five-year bridge loan with a competitive floating rate to replace
the property's existing construction loan.
Mr. Appel commented, "Our New York Capital Markets team drove a
comprehensive marketing process, which culminated in exceptional
terms from a variety of lenders. Thanks to its stable in-place cash
flow and tremendous upside potential 600 Bushwick was extremely
well received by the capital markets."
"We were pleased to work with Walker & Dunlop to close a
highly attractive, $36 million
refinance with Amherst Capital for our property at 600 Bushwick
Avenue, a completed and fully leased up commercial mixed-use
property in Brooklyn," said
Jacob Sacks of Cayuga Capital
Management. "The teams at Walker & Dunlop and Amherst Capital
are seasoned professionals, and we look forward to collaborating
with them on future financings."
600 Bushwick comprises 41 two-bedroom apartments, and 23 studio
apartments, with 30% of the property's multifamily units designated
to affordable residents. The building's retail space covers 14,080
square feet and is 100% leased through at least 2030. Its largest
retail tenant, The Learning Experience Academy, is estimated to
take occupancy in January 2022.
Ideally positioned on the western edge of the Bushwick
neighborhood, the property is just a block away from the M, J, and
Z subway lines, providing residents with ease of access to
Manhattan, Brooklyn, and the greater New York Metro area.
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. To learn more about
our Capital Markets 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.
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SOURCE Walker & Dunlop, Inc.