NEW
YORK, April 11, 2022 /PRNewswire/ -- Walker
& Dunlop, Inc. announced today that it has arranged
$70,000,000 in permanent
financing for 21 West Street in New York,
New York. The 33-story tower includes 293 carefully designed
studio, one-, two-, and three-bedroom apartments. Located in the
Financial District of Manhattan,
the property is proximate to the offices of major financial firms,
including Goldman Sachs and American Express.
Jonathan Schwartz, Adam Schwartz, Aaron
Appel, Keith Kurland,
Michael Ianno, and Triston Stegall led the Walker & Dunlop team
in arranging the financing for Rose Associates, a repeat client.
Based in New York, Rose Associates
is a leading multifamily and mixed-use real estate developer and
operator that has overseen the successful residential and retail
leasing at the property for nearly 30 years. The 12-year loan,
provided by MetLife features an attractive fixed rate and
interest-only payments for the entire term, which will ensure
continued operating performance for years to come. The Rose
Associates team was led by Marc
Ehrlich, Chief Investment Officer and Michele Bengelsdorf, Head of Asset
Management.
"Though the New York City
rental market experienced headwinds during the COVID-19 pandemic,
the market has successfully absorbed more than 60,000 new units
that were delivered over the past four years. With vacancies at
near record lows, this lending opportunity was very attractive to
the capital markets," said Walker & Dunlop's Jonathan Schwartz.
21 West Street blends modern convenience and a classic landmark
style with luxurious residences. The property's amenity offerings
include a roof deck, fitness center, resident lounge, and
children's playroom. With excellent transit access, residents enjoy
convenient access to the rest of Manhattan as well as to Brooklyn, Queens, and New
Jersey. New retail offerings, including West of Broadway,
Brookfield Place, and Westfield's World Trade Center mall
dramatically increase area residents' shopping and dining
options.
Walker & Dunlop is the third largest provider of capital to
the U.S. multifamily market, originating $49
billion in transactions and lending over $42 billion for multifamily properties in 2021.
With one of the strongest networks in the industry, the firm's 2021
brokered loan originations totaled $30
billion, a 170% increase over 2020. To learn more about our
Capital Markets capabilities and financing options, visit
our website.
About Walker & Dunlop
Walker &
Dunlop (NYSE: WD) is one of the largest providers of capital
to the commercial real estate industry, enabling 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 makes 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 Rose Associates, Inc.
Established in 1925, Rose
Associates is a premier real estate firm specializing in
multifamily rental properties in New York
City and the tristate area. Focused on the development,
acquisition and management of the highest quality assets, the firm
is currently developing six properties in the New York City metropolitan area. Rose's
management platform incorporates state-of-the-art services to
maximize revenue and enhance asset value, ensuring that Rose
properties consistently outperform the market. Under the leadership
of CEO and President Amy Rose, the
firm is a certified Women's Business Enterprise that is currently
pursuing a diverse and aggressive growth strategy.
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SOURCE Walker & Dunlop, Inc.