BETHESDA, Md., July 12, 2018 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured $52,500,000 for the refinance of 153
Remsen, a newly constructed, Class A multifamily property with
ground-level retail. Located in Brooklyn Heights, New York, the property caters to one of the
country's most high-demand housing markets and has enjoyed a strong
lease-up pace since its delivery in June
2017.
Led by Tom Toland, Al Rex, Hal
Reinauer, and Marty McGrogan,
Walker & Dunlop was engaged by the property's developers,
Quinlan Development Group and Lonicera Partners, to refinance the
original construction loan.
"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," Mr. Toland commented. "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."
Leveraging their extensive network of capital providers, the
team was able to identify an ideal capital partner for the
refinance of 153 Remsen. A life insurance company provided the
permanent, 12-year, fixed rate loan, which was structured with
interest-only payments for a portion of the term.
Built in 2017, 153 Remsen is one of very few new multifamily
developments delivered to the landmark neighborhood of Brooklyn
Heights. The luxury apartment building includes 60 spacious units
that average 1,066 square feet. Designed to accommodate the
high-income, family demographic of the local neighborhood, the
apartments feature floor-to-ceiling windows, central air
conditioning, white oak flooring, gourmet kitchens, four-piece
master baths, and in-unit washers and dryers. Building amenities
include an attended lobby, fitness center with complimentary
trainer program, bicycle room, children's playroom designed by
Carmelo The Science Fellow, storage lockers, and a roof terrace
with sweeping views of Brooklyn
and Manhattan.
Walker & Dunlop's Capital Markets team has deep
relationships with capital providers across the country including
banks, life insurance companies, and CMBS conduits. From 2014 to
2017, Walker & Dunlop grew its brokered loan originations at a
compound annual rate of 28 percent. In 2017 alone, the Capital
Markets team closed a record $7.3
billion in total brokered volume, originating loans for over
235 different capital providers. To learn more about Walker &
Dunlop's diverse financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
services and finance companies in the
United States providing financing and investment
sales to owners of multifamily and commercial properties.
Walker & Dunlop, which is included in the S&P SmallCap 600
Index, has over 650 professionals in 29 offices across the nation
with an unyielding commitment to client satisfaction.
About Quinlan Development Group:
Quinlan Development
Group, LLC is a private family real estate development and
investment company based in New York
City since 1971. The firm has built, renovated, or invested
in over 2.3 million sf across thirty-six properties encompassing a
wide variety of asset types, including mixed-use rentals, luxury
condominiums, retail, self-storage, and commercial office. Its
investment strategy focuses on locations with strong growth
potential and value-add opportunities, which are realized through
aggressive and experienced management. It has a reputation for high
quality development and a history of success during all building
cycles. The company's track record has solidified its reputation as
a quality real estate investor, developer and lender. Quinlan
Development Group, LLC's wholly-owned subsidiary, Walker Malloy & Co, Inc., manages and leases
retail and residential properties in New
York City.
About Lonicera:
Lonicera Partners is a Brooklyn based private real estate investment
and development company. Lonicera focuses on investments where it
can add value and create long-term appreciative real estate through
either ground-up development or from repositioning existing
properties. Lonicera is currently developing 500,000 square
feet of class-A multi-family and 50,000 square feet of commercial
real estate in Downtown Brooklyn
and the surrounding neighborhoods, nearing $250 million of total capitalization.
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SOURCE Walker & Dunlop, Inc.