Walker & Dunlop Arranges $204 Million for Mixed-Use Property in Brooklyn
Walker & Dunlop, Inc. announced today that it has secured $204 million in loan proceeds from MF1 Capital to refinance The Axel, a 29-story mixed-use multifamily and commercial asset with 284 multifamily units located at 550 Clinton Avenue and 539 Vanderbilt Avenue in Brooklyn, New York.
The Walker & Dunlop team, comprised of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, and Sean Bastian, exclusively advised the sponsor, Hope Street Capital, on the refinancing of the Morris Adjmi-Architect designed building. A team led by Michael Squires and Will Trotsky handled the financing for MF1 Capital.
"The Axel represented an opportunity to refinance a top-tier development project rapidly approaching completion for an institutional-quality sponsorship team," said Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. "Having already leased a portion of the multifamily tower with tenants, Hope Street was able to provide lenders with an early proof of concept in a challenging market environment."
Situated on the border of downtown Brooklyn at the convergence of Clinton Hill, Fort Greene and Prospect Heights, The Axel is located in an ideal neighborhood for working professionals and families alike, providing access to an abundance of culture, dining, and shops. Residents and future commercial tenants will enjoy convenient access to Atlantic Terminal, Brooklyn's largest train station, a short walk from the property.
"This financing provided a great opportunity to partner with best-in-class sponsorship in Hope Street Capital and capital markets advisor in Walker & Dunlop," said Michael Squires, managing director at Limekiln Real Estate / MF1. "This transaction illustrates MF1's continued ability to execute on structured loans for high-quality assets in a turbulent market, all the while closing in less than 35 days."
In 2021, the Walker & Dunlop's Capital Markets segment sourced over 1,300 loans and equity investments totaling nearly $30 billion from non-GSE capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry's leading developers, owners, and operators. To learn more about Walker & Dunlop's diverse financing options, visit our website.