Walker & Dunlop structures $82 million deal in Brooklyn

by Kimberly Greene06 Jan 2020

Walker & Dunlop, Inc. recently announced that it arranged $82,000,000 in permanent financing for Clover House, a newly renovated luxury apartment complex located in the Brooklyn Heights neighborhood of Brooklyn, New York.

Led by Hirsch Simins and David Rosenberg, Walker & Dunlop’s New Jersey Capital Markets team arranged the financing on behalf of the publicly traded Clipper Realty Inc. The team has a deep understanding of the New York market and broad experience with multifamily lenders, and identified MetLife Investment Management as an ideal financing partner for the transaction. In addition to rate locking the transaction on the same day as application, Walker & Dunlop secured excellent deal terms to refinance the property's existing debt, including ten years of interest-only payments.

“It was a pleasure working again with Clipper Realty and MetLife Investment Management. We explored many financing scenarios and MetLife was able to offer a very competitive permanent loan and rate lock before the asset was fully stabilized, which speaks to the strength of the borrower and the asset,” said Simins.

The 158-unit property is situated near the Brooklyn Heights Promenade and Brooklyn Bridge Park in downtown Brooklyn, one of the fastest growing areas in the New York metro area. Clover House offers studios, one- and two-bedroom apartments with a full host of amenities, as well as panoramic views of the East River and lower Manhattan skyline. The property caters to one of the country’s most high-demand housing markets and was projected to be fully leased within days.

Walker & Dunlop is headquartered in Bethesda, Maryland, with more than 800 employees and 32 offices across the country. It is one of the largest commercial real estate finance companies in the U.S. and is a leader in the multifamily space; the firm ranked #2 with Fannie Mae for multifamily lending in 2018 and was also ranked as a top-five multifamily lender with Freddie Mac and HUD.

David Bistricer, Clipper Realty Inc.’s co-chairman and CEO, said that the Clover House complex is a “best-in-class property with top of the line amenities and we were very pleased to work again with Hirsch and David on this refinance. MetLife Investment Management did a great job closing under a tight timeline during a period of great market volatility.”

Walker & Dunlop provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018.