{"id":825518,"date":"2025-03-13T12:33:04","date_gmt":"2025-03-13T16:33:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/walker-dunlop-advises-on-420-million-recapitalization-of-trophy-brooklyn-rental-tower-hub\/"},"modified":"2025-03-13T12:33:04","modified_gmt":"2025-03-13T16:33:04","slug":"walker-dunlop-advises-on-420-million-recapitalization-of-trophy-brooklyn-rental-tower-hub","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/walker-dunlop-advises-on-420-million-recapitalization-of-trophy-brooklyn-rental-tower-hub\/","title":{"rendered":"Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub<\/b><\/p>\n<p>BETHESDA, Md.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2F&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=Walker+%26amp%3B+Dunlop%2C+Inc.&amp;index=1&amp;md5=cb01cb5e6a4749fc23b8a111ebaabd6f\">Walker &amp; Dunlop, Inc.<\/a> announced today the successful $420 million recapitalization of Hub, a trophy 750-unit high-rise multifamily building located in the heart of downtown Brooklyn.\n<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20250313186229\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250313186229\/en\/<\/a><\/p>\n<div id=\"bwbodyimg\" style=\"width: 480px;float:left;padding-left:0px;padding-right:20px;padding-top:0px;padding-bottom:0px\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250313186229\/en\/2409347\/4\/Hub_Image.jpg\" alt=\"Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub (Photo Credit: Steiner NYC)\" \/><\/p>\n<p style=\"font-size:85%\">Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub (Photo Credit: Steiner NYC)<\/p>\n<\/div>\n<p>\nThe Walker &amp; Dunlop Capital Markets team, led by <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Faaron-appel&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=Aaron+Appel&amp;index=2&amp;md5=cbff3e53cf29318a011c792e35b82c37\">Aaron Appel<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Fjonathan-schwartz&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=Jonathan+Schwartz&amp;index=3&amp;md5=6345b90a49e99ad5b195658435dc2f44\">Jonathan Schwartz<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Fkeith-kurland&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=Keith+Kurland&amp;index=4&amp;md5=7229b43b12dd3f8d381892b85810361b\">Keith Kurland<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Fadam-schwartz&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=Adam+Schwartz&amp;index=5&amp;md5=93048bd4fd63edb2dff45dc338339090\">Adam Schwartz<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fabout%2Fpeople%2Fmichael-ianno&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=Michael+Ianno&amp;index=6&amp;md5=0c39a4dc61700019ae33d5f36c2bf29f\">Michael Ianno<\/a>, and Christopher de Raet, acted as exclusive advisors to Steiner NYC, successfully enabling them to buy out their equity partner, J.P. Morgan Asset Management.\n<\/p>\n<p>\nThe Walker &amp; Dunlop team advised Steiner on the $420 million recapitalization and also arranged $62.5 million of preferred equity from Meadow Partners to support the purchase. This move solidifies Steiner\u2019s full control of Hub, marking a strategic shift in the ownership structure of one of Brooklyn\u2019s best-in-class, high-rise residential buildings.\n<\/p>\n<p>\n\u201cWe are pleased to serve as a flexible and creative partner to Steiner NYC through our preferred equity financing solution for Hub,\u201d said Marc Mechanic, partner at Meadow Partners. \u201cMeadow has significant experience as both an owner and lender operating in New York and this transaction reflects our ability to apply our extensive knowledge of the market to support a high-quality multifamily project in an attractive Brooklyn neighborhood.\u201d\n<\/p>\n<p>\n\u201cIt\u2019s been a privilege to work alongside Steiner to execute this unique project,\u201d said Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker &amp; Dunlop. \u201cThis deal stands apart from traditional financings due to its complex structure, which involved an equity buyout and the sourcing of preferred equity to help capitalize the transaction. We are excited to see Steiner gain full ownership of this landmark property.\u201d\n<\/p>\n<p>\nDeveloped by Steiner, Hub, at 55 stories, was the tallest building in Brooklyn upon completion in 2018. The tower, at 333 Schermerhorn Street, offers studio, one-, and two-bedroom rentals with stunning views of New York Harbor, the Manhattan skyline, and multiple bridges. Hub is located at the confluence of Boerum Hill, Fort Greene, Brooklyn Heights, and Park Slope, and boasts 12 subway lines in a 2-block radius. W&amp;D previously arranged the construction financing, JPMAM\u2019s equity investment, and institutional permanent financing in 2019.\n<\/p>\n<p>\n\u201cWalker &amp; Dunlop added real value. This deal would not have gotten done without them. And it got done fast \u2013 two months from contract signing to closing,\u201d said Doug Steiner, Chairman of Steiner NYC. \u201cWe obviously take enormous pride in Hub, so we are thrilled to now have full ownership.\u201d\n<\/p>\n<p>\nSteiner traces its roots to 1907. Notable projects include: Steiner Studios, New York&#8217;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; &#8220;Steiner East Village,&#8221; an 82-unit luxury condominium project that was the best-selling building in Manhattan upon completion; and &#8220;Admirals Row,&#8221; a 686,000 square foot mixed-use complex at the Brooklyn Navy Yard featuring the first Wegmans Supermarket in New York City.\n<\/p>\n<p>\nIn 2024, Walker &amp; Dunlop\u2019s Capital Markets group sourced capital for transactions totaling over $16 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry\u2019s top developers, owners, and operators. To learn more about Walker &amp; Dunlop\u2019s broad financing options, visit our <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Ffunding-your-vision%2Ffinancing-options%2F&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=website&amp;index=7&amp;md5=57eaeb0de279404a7a72c9fbb40cdd49\">website<\/a>.\n<\/p>\n<p><b>About Walker &amp; Dunlop<\/b><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.walkerdunlop.com%2Fwhat-makes-us-different%2F&amp;esheet=54223780&amp;newsitemid=20250313186229&amp;lan=en-US&amp;anchor=Walker+%26amp%3B+Dunlop&amp;index=8&amp;md5=f37abdcf467676816a87f6496a065d53\">Walker &amp; Dunlop<\/a> (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250313186229r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250313186229\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250313186229\/en\/<\/a><\/span><\/p>\n<p><b>Investors:<br \/>\n<\/b><br \/>Kelsey Duffey<br \/>\n<br \/>Investor Relations<br \/>\n<br \/><i>Phone<\/i> 301.202.3207<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:investorrelations@walkeranddunlop.com?subject=Press%20Release\">investorrelations@walkeranddunlop.com<\/a><\/p>\n<p><b>Media:<br \/>\n<\/b><br \/>Nina H. von Waldegg<br \/>\n<br \/>VP, Public Relations<br \/>\n<br \/><i>Phone<\/i> 301.564.3291<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:info@walkeranddunlop.com?subject=Press%20Release\">info@walkeranddunlop.com<\/a><\/p>\n<p><i>Phone<\/i> 301.215.5500\n<\/p>\n<p>\n7272 Wisconsin Avenue, Suite 1300<br \/>\n<br \/>Bethesda, Maryland 20814\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York Maryland<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Commercial Building &amp; Real Estate Construction &amp; Property Finance Consulting Public Relations\/Investor Relations Urban Planning Communications Professional Services Residential Building &amp; Real Estate<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250313186229\/en\/2409347\/3\/Hub_Image.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub (Photo Credit: Steiner NYC)<\/font><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250313186229\/en\/2409345\/3\/WD_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub BETHESDA, Md.&#8211;(BUSINESS WIRE)&#8211;Walker &amp; Dunlop, Inc. announced today the successful $420 million recapitalization of Hub, a trophy 750-unit high-rise multifamily building located in the heart of downtown Brooklyn. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20250313186229\/en\/ Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub (Photo Credit: Steiner NYC) The Walker &amp; Dunlop Capital Markets team, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Christopher de Raet, acted as exclusive advisors to Steiner NYC, successfully enabling them to buy out their equity partner, J.P. Morgan Asset Management. The Walker &amp; Dunlop team advised &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/walker-dunlop-advises-on-420-million-recapitalization-of-trophy-brooklyn-rental-tower-hub\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-825518","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/walker-dunlop-advises-on-420-million-recapitalization-of-trophy-brooklyn-rental-tower-hub\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub BETHESDA, Md.&#8211;(BUSINESS WIRE)&#8211;Walker &amp; Dunlop, Inc. announced today the successful $420 million recapitalization of Hub, a trophy 750-unit high-rise multifamily building located in the heart of downtown Brooklyn. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20250313186229\/en\/ Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub (Photo Credit: Steiner NYC) The Walker &amp; Dunlop Capital Markets team, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Christopher de Raet, acted as exclusive advisors to Steiner NYC, successfully enabling them to buy out their equity partner, J.P. Morgan Asset Management. 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This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20250313186229\/en\/ Walker &amp; Dunlop Advises on $420 Million Recapitalization of Trophy Brooklyn Rental Tower, Hub (Photo Credit: Steiner NYC) The Walker &amp; Dunlop Capital Markets team, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Christopher de Raet, acted as exclusive advisors to Steiner NYC, successfully enabling them to buy out their equity partner, J.P. Morgan Asset Management. 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