Walker & Dunlop, Inc. announced recently that it arranged USD 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.
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 USD 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.
