Walker & Dunlop structures $385 million financing for Williamsburg waterfront homes with unparalleled views
BETHESDA, MD., November 18, 2022 /PRNewswire/ — Walker & Dunlop, Inc. today announced that it has structured nearly $385 million in financing 470 Kent Avenue, a mixed-use development located directly along the East River waterfront in from Brooklyn Williamsburg piece. The property will offer stunning views of manhattan and brooklyn, with high-end amenities such as several outdoor communal terraces, a state-of-the-art fitness center, resident lounges, a library and an ice rink, among others. The development will bring over 500 new residences to Williamsburg waterfront, consisting of 463 rental apartments (30% affordable) and 90 luxury condominiums.
Walker & Dunlop’s New York Capital Markets team, including Aaron Call, Keith Kurland, Jonathan Schwartz, Adam Schwartzand Jackson Irwin was retained by the Naftali group and Access Industries, Inc. to organize the financing of the first phase of construction. When completed, 470 Kent will feature three towers totaling over 627,000 gross square feet of residential, multi-family and commercial offerings for sale. Bank OZK and Barings financed the transaction.
“This project will provide residents with a truly unique living experience in the heart of one of the New York one most unique and desirable neighborhoods,” said Aaron Call by Walker & Dunlop. “We are excited about 470 Kent and proud to continue to work with great customers in the development and growth brooklyn communities. »
The lack of remaining development sites in the area reinforces 470 Kent’s timeless 360ft waterfront view. The property is designed to complement the existing character of the neighborhood with amenities that meet the changing demands of residents. Close to the East River Ferry, Williamsburg Bridge, Marcy Avenue JMZ station, and proposed Brooklyn-Queens Connector, residents will have easy and efficient access to all five boroughs.
Walker & Dunlop’s Capital Markets team has close relationships with capital providers across the country, including banks, life insurance companies and commercial mortgage-backed securities (CMBS) conduits with 350 sources of capital. In 2021, the Capital Markets team closed with nearly $30 billion in production volume from 1,300 loans. This vast experience has made him a top advisor across all asset classes to many of the top developers in the industry. To learn more about Walker & Dunlop’s various 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 in United States, enabling property owners and operators to bring their vision for communities to life – where Americans live, work, shop and play. Our people, our brand and our technology make W&D one of the most insightful and customer-focused companies in our industry. With more than 1,400 employees in all major US markets, Walker & Dunlop has consistently been named one of FortuneThe best 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.
SOURCEWalker & Dunlop, Inc.