BETHESDA, Md.–(BUSINESS WIRE)–Walker & Dunlop, Inc. announced today that it arranged $148.5 million in loan funds to refinance Admirals Row, a 696,000-square-foot, eight-acre mixed-use property developed by Steiner NYC at the revitalized Brooklyn Navy Yard.
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Admirals Row (Photo: Steiner Studios)
The Walker & Dunlop (NYSE 🙂 New York Capital Markets) team, led by Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Diaz and William Herring, represented and acted as exclusive advisor to Steiner. They identified German Bank (ETR:) as lender of the bridge loan to refinance existing debt.
Admirals Row, located at the confluence of Flushing Avenue, Navy Street and Sands Street, includes the first Wegmans supermarket in New York City, more than 350,000 square feet of light industrial and creative manufacturing space leased to the Brooklyn Navy Yard Development Corporation. additional commercial space, a community facility, and structured and surface parking totaling more than 700 spaces.
The Brooklyn Navy Yard is home to more than 450 businesses that employ more than 12,000 people and generate more than $2 billion annually in economic impact for the city. It is located just one block from the Brooklyn-Queens Expressway, two blocks from the Manhattan Bridge (NASDAQ:) and the Brooklyn Bridge, and is steps away from the hot DUMBO neighborhood.
“The ongoing redevelopment of the historic Brooklyn Navy Yard, particularly with the construction of Admirals Row, has brought thousands of new jobs and services to the community,” said Doug Steiner, President of Steiner NYC, LLC. “This project exemplifies an exceptional urban model for mixed-use development and we are delighted to have collaborated with Walker & Dunlop to secure a very favorable refinancing in a difficult market.”
“The Brooklyn Navy Yard has long been the economic heart of Brooklyn. We congratulate Steiner for its exceptional sponsorship and unwavering commitment to the development of this vital area,” said Jonathan Schwartz, Senior Managing Director and Co-Head of New York Capital Markets at Walker and Dunlop. “Their ownership and operation of Steiner Studios in the Brooklyn Navy Yard further highlights their dedication to fostering growth and innovation in the community.”
Steiner traces its roots to 1907. Notable projects include: Steiner Studios, New York’s only Hollywood-style film and television production facility, consisting of 900,000 square feet of sound stages and support space on 50 acres in Brooklyn Navy Yard; “Hub,” a best-in-class, 55-story, 750-unit rental building in Boerum Hill, Brooklyn; and “Steiner East Village,” an 82-unit luxury condominium project that was the best-selling building in Manhattan upon completion.
In 2023, Walker & Dunlop’s Capital Markets group raised transaction capital totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them leading advisors across all asset classes to many of the industry’s leading developers, owners and operators. For more information on Walker & Dunlop’s extensive financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate financing and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investor relations@walkeranddunlop.com
Media:
Nina H. von Waldegg
Vice President of Public Relations
Phone 301.564.3291
info@walkeranddunlop.com
Source: Walker & Dunlop, Inc.