Walker & Dunlop, Inc. | April 12, 2022
Walker & Dunlop, Inc. announced that it has arranged $70,000,000 in permanent financing for 21 West Street in New York, New York. The 33-story tower includes 293 carefully designed studio, one-, two-, and three-bedroom apartments. Located in the Financial District of Manhattan, the property is proximate to the offices of major financial firms, including Goldman Sachs and American Express.
Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno, and Triston Stegall led the Walker & Dunlop team in arranging the financing for Rose Associates, a repeat client. Based in New York, Rose Associates is a leading multifamily and mixed-use real estate developer and operator that has overseen the successful residential and retail leasing at the property for nearly 30 years. The 12-year loan, provided by MetLife features an attractive fixed rate and interest-only payments for the entire term, which will ensure continued operating performance for years to come. The Rose Associates team was led by Marc Ehrlich, Chief Investment Officer and Michele Bengelsdorf, Head of Asset Management.
Though the New York City rental market experienced headwinds during the COVID-19 pandemic, the market has successfully absorbed more than 60,000 new units that were delivered over the past four years. With vacancies at near record lows, this lending opportunity was very attractive to the capital markets."
Walker & Dunlop's Jonathan Schwartz
21 West Street blends modern convenience and a classic landmark style with luxurious residences. The property's amenity offerings include a roof deck, fitness center, resident lounge, and children's playroom. With excellent transit access, residents enjoy convenient access to the rest of Manhattan as well as to Brooklyn, Queens, and New Jersey. New retail offerings, including West of Broadway, Brookfield Place, and Westfield's World Trade Center mall dramatically increase area residents' shopping and dining options.
Walker & Dunlop is the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. With one of the strongest networks in the industry, the firm's 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020.
About Walker & Dunlop
Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great 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.
About Rose Associates, Inc.
Established in 1925, Rose Associates is a premier real estate firm specializing in multifamily rental properties in New York City and the tristate area. Focused on the development, acquisition and management of the highest quality assets, the firm is currently developing six properties in the New York City metropolitan area. Rose's management platform incorporates state-of-the-art services to maximize revenue and enhance asset value, ensuring that Rose properties consistently outperform the market. Under the leadership of CEO and President Amy Rose, the firm is a certified Women's Business Enterprise that is currently pursuing a diverse and aggressive growth strategy.