Dealmaker: Walker & Dunlop Arranges $128M for New York Multifamily Portfolio

(Illustration courtesy of Walker & Dunlop)

Walker & Dunlop, Bethesda, Md., secured $128 million in financing for the acquisition of nine Manhattan properties, all located within a two-block stretch in Manhattan’s East Village neighborhood.

The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian, advised RYCO Capital, New York, on the transaction.

Derby Copeland Capital, New York, provided the interest-only floating-rate bridge loan.

The nine properties are located alongside 2nd Avenue between St. Marks and East 10th Street. They total 153,800 square feet and consist of 171 residential units and 22 retail units.

“The New York City apartment market continues to demonstrate exceptional fundamentals, with our submarket maintaining some of the lowest vacancy rates in the nation,” Jonathan Schwartz noted.

With a submarket vacancy rate of 1.5%, the portfolio could benefit from a significant supply-demand imbalance in the area. The properties are close to New York University and surrounded by restaurants, hotels, nightlife and transportation.