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Walker & Dunlop Arranges $36MM in Financing for Luxury Mixed-Use Building in Brooklyn

December 06, 2021, 07:43 AM
Filed Under: Real Estate

Walker & Dunlop structured $36,000,000 in financing for , a 64-unit, luxury multifamily property located in the burgeoning neighborhood of Bushwick in Brooklyn, New York. With over 14,000 rentable square feet of retail space, the property was built in 2018 and is one of the newest in the surrounding area.

Walker & Dunlop's Aaron Appel, Michael Diaz, Michael Ianno, and Jackson Irwin exclusively advised and structured the refinance on behalf of their client, Cayuga Capital Management, effectively supporting the firm's business plan of repatriating equity and expanding their portfolio. Ultimately selecting Amherst Capital Management as the ideal lender, the team secured a five-year bridge loan with a competitive floating rate to replace the property's existing construction loan.

Appel commented, "Our New York Capital Markets team drove a comprehensive marketing process, which culminated in exceptional terms from a variety of lenders. Thanks to its stable in-place cash flow and tremendous upside potential 600 Bushwick was extremely well received by the capital markets."

"We were pleased to work with Walker & Dunlop to close a highly attractive, $36 million refinance with Amherst Capital for our property at 600 Bushwick Avenue, a completed and fully leased up commercial mixed-use property in Brooklyn," said Jacob Sacks of Cayuga Capital Management. "The teams at Walker & Dunlop and Amherst Capital are seasoned professionals, and we look forward to collaborating with them on future financings."

600 Bushwick comprises 41 two-bedroom apartments, and 23 studio apartments, with 30% of the property's multifamily units designated to affordable residents. The building's retail space covers 14,080 square feet and is 100% leased through at least 2030. Its largest retail tenant, The Learning Experience Academy, is estimated to take occupancy in January 2022. Ideally positioned on the western edge of the Bushwick neighborhood, the property is just a block away from the M, J, and Z subway lines, providing residents with ease of access to Manhattan, Brooklyn, and the greater New York Metro area.

Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, originating $31 billion in transactions and lending over $24 billion for multifamily properties. With one of the strongest networks in the industry, the firm also completed $11 billion in brokered loan originations in 2020, a 6% increase over 2019.

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