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Walker & Dunlop has arranged a $148.5 million refinancing for Admirals Row, a 696,000 square foot mixed-use property in the Brooklyn Navy Yard. The property, developed by Steiner NYC, includes the first Wegmans supermarket in New York City, over 350,000 square feet of light industrial and creative manufacturing space, retail space, and parking facilities. The Walker & Dunlop New York Capital Markets team identified Deutsche Bank as the bridge loan lender. The Brooklyn Navy Yard hosts over 450 businesses, employs more than 12,000 people, and generates over $2 billion annually in economic impact for the city.
Walker & Dunlop ha organizzato un rifinanziamento di 148,5 milioni di dollari per Admirals Row, una proprietà mista di 696.000 piedi quadrati nel Brooklyn Navy Yard. La proprietà, sviluppata da Steiner NYC, ospita il primo supermercato Wegmans a New York City, oltre 350.000 piedi quadrati di spazi per l’industria leggera e la produzione creativa, spazi commerciali e strutture di parcheggio. Il team dei Mercati Capitali di Walker & Dunlop New York ha individuato Deutsche Bank come prestatore del prestito ponte. Il Brooklyn Navy Yard ospita oltre 450 aziende, impiega più di 12.000 persone e genera oltre 2 miliardi di dollari all’anno in impatto economico per la città.
Walker & Dunlop ha organizado un refinanciamiento de 148,5 millones de dólares para Admirals Row, una propiedad de uso mixto de 696,000 pies cuadrados en el Brooklyn Navy Yard. La propiedad, desarrollada por Steiner NYC, incluye el primer supermercado Wegmans en Nueva York, más de 350,000 pies cuadrados de espacio industrial ligero y de fabricación creativa, espacio comercial y instalaciones de estacionamiento. El equipo de Mercados de Capital de Walker & Dunlop en Nueva York identificó a Deutsche Bank como el prestamista del préstamo puente. El Brooklyn Navy Yard alberga más de 450 negocios, emplea a más de 12,000 personas y genera más de 2 mil millones de dólares anualmente en impacto económico para la ciudad.
Walker & Dunlop은 브루클린 해군 조선소에 위치한 696,000평방피트의 복합용도 부동산인 Admirals Row를 위한 1억4850만 달러의 재융자를 조정했습니다. 이 부동산은 Steiner NYC에 의해 개발되었으며, 뉴욕시 최초의 Wegmans 슈퍼마켓, 350,000평방피트 이상의 경공업 및 창의적 제조 공간, 소매 공간 및 주차 시설을 포함합니다. Walker & Dunlop 뉴욕 자본 시장 팀은 다이아몬드 은행을 다리 대출 기관으로 선정했습니다. 브루클린 해군 조선소에는 450개 이상의 기업이 있으며, 12,000명 이상의 근로자가 일하고 연간 20억 달러 이상의 경제적 영향을 도시에 생성합니다.
Walker & Dunlop a organisé un refinancement de 148,5 millions de dollars pour Admirals Row, une propriété à usage mixte de 696 000 pieds carrés dans le Brooklyn Navy Yard. La propriété, développée par Steiner NYC, comprend le premier supermarché Wegmans à New York, plus de 350 000 pieds carrés d’espace industriel léger et de fabrication créative, des espaces commerciaux et des installations de stationnement. L’équipe des marchés de capitaux de Walker & Dunlop à New York a identifié Deutsche Bank comme prêteur de prêt relais. Le Brooklyn Navy Yard abrite plus de 450 entreprises, emploie plus de 12 000 personnes et génère plus de 2 milliards de dollars par an d’impact économique pour la ville.
Walker & Dunlop hat eine Refinanzierung in Höhe von 148,5 Millionen Dollar für Admirals Row arrangiert, eine 696.000 Quadratfuß große gemischt genutzte Immobilie im Brooklyn Navy Yard. Die Immobilie, entwickelt von Steiner NYC, umfasst den ersten Wegmans-Supermarkt in New York City, über 350.000 Quadratfuß für leichte Industrie und kreative Fertigungsflächen, Einzelhandelsflächen und Parkeinrichtungen. Das Team für Kapitalmärkte von Walker & Dunlop in New York identifizierte die Deutsche Bank als Kreditgeber des Brücken Darlehens. Der Brooklyn Navy Yard beherbergt über 450 Unternehmen, beschäftigt mehr als 12.000 Menschen und generiert jährlich über 2 Milliarden Dollar wirtschaftlichen Einfluss für die Stadt.
Positive
- Successfully secured $148.5 million refinancing in a challenging market
- Property is fully developed with anchor tenant Wegmans
- Strategic location near major transportation routes and DUMBO neighborhood
- Part of Brooklyn Navy Yard which generates $2B annual economic impact
Negative
- Bridge loan financing suggests temporary solution rather than long-term financing
Insights
The $148.5 million refinancing deal for Admirals Row represents a significant achievement in today’s challenging commercial real estate market. The property’s strategic location and diverse tenant mix, anchored by Wegmans and the Brooklyn Navy Yard Development , creates a robust income stream that helped secure favorable terms despite current market headwinds.
The 696,000 square foot mixed-use development demonstrates strong fundamentals with its combination of retail, light industrial and creative manufacturing space. The master lease structure with the Brooklyn Navy Yard Development for over 350,000 square feet provides stable, long-term cash flow. The property’s location near major transportation arteries and bridges enhances its long-term value proposition.
Deutsche Bank’s bridge loan commitment signals continued institutional lender confidence in well-positioned urban mixed-use assets, particularly those supporting job creation and economic development. The successful refinancing in a difficult market environment validates both the project’s underlying strength and Steiner’s proven track record in the Brooklyn market.
BETHESDA, Md.–(BUSINESS WIRE)– Walker & Dunlop, Inc. announced today that it arranged $148.5 million in loan proceeds to refinance Admirals Row, a 696,000 square foot, eight acre mixed-use property developed by Steiner NYC in the revitalized Brooklyn Navy Yard.
Admirals Row (Photo: Steiner Studios)
The Walker & Dunlop New York Capital Markets team, led by Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Diaz, and William Herring, represented and acted as an exclusive advisor to Steiner. They identified Deutsche Bank as the bridge loan lender to refinance the existing debt.
Admirals Row, located at the confluence of Flushing Avenue, Navy Street, and Sands Street, includes the first Wegmans supermarket in New York City, over 350,000 square feet of light industrial and creative manufacturing space master-leased to the Brooklyn Navy Yard Development Corporation, additional retail space, a community facility, and surface and structured parking totaling over 700 spaces.
The Brooklyn Navy Yard is home to over 450 businesses employing more than 12,000 people and generating over $2 billion annually in economic impact for the city. It sits just one block from the Brooklyn-Queens Expressway, is within two blocks of the Manhattan Bridge and Brooklyn Bridge, and is steps from the red-hot neighborhood of DUMBO.
“The ongoing redevelopment of the historic Brooklyn Navy Yard, particularly with the construction of Admirals Row, has brought thousands of new jobs and services to the community,” said Doug Steiner, chairman of Steiner NYC, LLC. “This project exemplifies an outstanding urban model for mixed-use development, and we are pleased to have collaborated with Walker & Dunlop to secure very favorable refinancing in a difficult market.”
“The Brooklyn Navy Yard has long been the economic heart of Brooklyn. We commend Steiner for their exceptional sponsorship and unwavering commitment to the development of this vital area,” said Jonathan Schwartz, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. “Their ownership and operation of Steiner Studios in the Brooklyn Navy Yard further highlights their dedication to fostering growth and innovation in the community.”
Steiner traces its roots to 1907. Notable projects include: Steiner Studios, New York’s only Hollywood-style film and television production facility, consisting of 900,000 square feet of soundstages and support space on 50 acres in the Brooklyn Navy Yard; “Hub,” a best-in-class, 55-story, 750-rental unit building in Boerum Hill, Brooklyn; and “Steiner East Village,” an 82-unit luxury condominium project that was the best-selling building in Manhattan upon completion.
In 2023, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241125932961/en/
Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com
Media:
Nina H. von Waldegg
VP, Public Relations
Phone 301.564.3291
Source: Walker & Dunlop, Inc.
FAQ
What is the value of the refinancing deal Walker & Dunlop (WD) arranged for Admirals Row?
Walker & Dunlop arranged $148.5 million in loan proceeds to refinance Admirals Row in the Brooklyn Navy Yard.
What is the size and composition of the Admirals Row property refinanced by Walker & Dunlop (WD)?
Admirals Row is a 696,000 square foot, eight-acre mixed-use property featuring Wegmans supermarket, 350,000+ sq ft of industrial space, retail space, community facility, and 700+ parking spaces.
Which bank provided the bridge loan for the Admirals Row refinancing through Walker & Dunlop (WD)?
Deutsche Bank provided the bridge loan for the Admirals Row refinancing arranged by Walker & Dunlop.
