Dealmaker: Walker & Dunlop Arranges $160M in Multifamily, Joint Venture
Walker & Dunlop, Bethesda, arranged $160 million for a multifamily building in Yonkers, N.Y., and an undisclosed amount for a joint venture partnership.
Walker & Dunlap structured $160 million in financing for Sawyer Place, a Class A multifamily building in Yonkers. Completed in 2020, the property consists of two connected towers featuring 438 rental units and 31,000 rentable square feet of ground-floor retail.
Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Sean Bastian led Walker & Dunlop’s team in structuring the refinance, which replaces the property’s existing construction loan. The team served as exclusive advisor to their client, RXR Realty, a vertically integrated property owner, developer and operator headquartered in New York City. The team identified Mesa West Capital as the ideal lender and arranged a five-year, floating rate non-recourse bridge loan.
“Sawyer Place has quickly evolved into one of the most sought-after rental buildings in downtown Yonkers,” said Michael Maturo, President of RXR Realty. “The property has witnessed tremendous leasing velocity from both residents moving within the surrounding county as well as from New York City, and will continue to be a highly attractive rental option to both young professionals and families who have a desire to live in this rapidly expanding Yonkers neighborhood.”
Located just blocks from the Hudson waterfront, Sawyer Place features panoramic views of Manhattan’s skyline, the Hudson River and the Palisades. Sawyer Place features unit interiors with stainless steel appliances, keyless fob entry, in-home washers and dryers and floor-to-ceiling windows. On-site amenities include a landscaped roof terrace, indoor theater, fitness center, 24/7 concierge, resident lounge, on-site valet parking and a 533-space parking garage. The property is within a three-minute walk of the Yonkers Metro-North station and is proximate to five major highways, offering access to the rest of Westchester County, Fairfield County and New York City.
Walker & Dunlop also structured a joint venture partnership between Avanta Residential, a build-for-rent developer, and Invesco Real Estate, a global real estate investment manager. As part of the transaction, Invesco Real Estate acquired 75% of Avanta Residential, which is developing more than 20 neighborhoods and 5,000 homes. Formed in 2020, Avanta plans to create more than 40 neighborhoods over the course of the next several years.
Walker & Dunlop’s BFR team served as exclusive advisor to Avanta Residential and helped the firm identify a joint venture partner to provide both funds and support as they execute their business plan. The team partnered with Dallas-based Invesco Real Estate for the joint venture. In addition to facilitating the transaction, the Walker & Dunlop team played a key role in developing the terms of the agreement as well as support throughout the negotiation process.
