Dealmaker: Walker & Dunlop Closes $1.1B

Walker & Dunlop’s New York Capital Markets team closed $1.1 billion in capital markets activity in New York.

Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz lead the Walker & Dunlop team that closed the deals.

The Brook.
Illustration courtesy of Walker & Dunlop

The transactions included $388 million for The Brook. Bank of America supplied the financing. Located at 565 and 547-557 Fulton Street in Brooklyn, The Brook features 448,000 rentable square feet of mixed-use multifamily and retail space at the cross-section of Fulton Street, Flatbush Avenue Extension and DeKalb Avenue. The development sits steps from the Fulton Mall and a five-minute walk from the Barclays Center.

The team also arranged $385 million for 452 Fifth Avenue in Midtown Manhattan. Walker & Dunlop stepped in after a proposed sale fell through in May to arrange a refinance on behalf of property owner PBC. The team identified JP Morgan Chase as the lender and secured a floating-rate refinance of the 885,000-square-foot office property. The financing enabled PBC to retire existing debt and fund future capital expenditure and leasing costs as they reposition the asset.

In Lower Manhattan, the Walker & Dunlop secured $370 million for 100 Church Street. It arranged a floating-rate refinancing for SL Green Realty Corp., selecting Aareal Capital as the lender. With the City of New York as its anchor tenant, the property offers more than a million square feet of office space at the border of TriBeCa and the Financial District.