Walker & Dunlop Arranges $148 Million Refinance for Tallest Building in Harlem
July 10 2024 - 6:00AM
Business Wire
Walker & Dunlop, Inc. announced today that it arranged
$148,000,000 in loan proceeds to refinance The Victoria, a multi
tower, 30-story project built around Harlem’s heralded Victoria
Theater redevelopment.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240710404016/en/
The Victoria (Photo: Business Wire)
The Walker & Dunlop New York Capital Markets team, led by
Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari
Hirt, and William Herring, acted as exclusive advisors to the
clients, Lam Group and Exact Capital. The team identified Aareal
Capital as the lender to secure the loan. The loan will support
ongoing operations and future enhancements of this iconic project,
known for its rich cultural heritage and strategic location.
The Victoria, originally built around Harlem's historic Victoria
Theater, blends luxury residences, a Marriott-branded Renaissance
Hotel, and premier retail space. The project, completed in Q3 2023,
stands as Harlem's tallest building, offering 191 luxury
residences, a 211-key hotel, and over 23,000 square feet of retail
space. The development also includes 52 below-grade parking spaces,
enhancing convenience for residents and visitors alike.
The Victoria enjoys a prime location in Harlem, with proximity
to major retail outlets, transportation hubs, and renowned cultural
institutions such as the Apollo Theater and Columbia University's
Manhattanville campus. The project has been a focal point for
community engagement and cultural enrichment since its inception,
maintaining ties to Harlem's vibrant history while contributing to
its economic vitality.
"We are thrilled to have secured this financing for Lam Group
and Exact Capital for The Victoria,” said Aaron Appel, senior
managing director and co-head of New York Capital Markets at Walker
& Dunlop. “This transaction underscores the project's
significance as a transformative development in Upper Manhattan,
combining luxury living, hospitality excellence, and cultural
preservation."
The property’s meticulously crafted unit finishes and modern
design, expansive amenity program, destination retail, and below
grade parking garage atop one of Harlem’s most iconic cultural
institutions position the property as the marquee development in
Upper Manhattan.
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 advisor 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/20240710404016/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 info@walkeranddunlop.com
Walker & Dunlop (NYSE:WD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Walker & Dunlop (NYSE:WD)
Historical Stock Chart
From Sep 2023 to Sep 2024