Walker & Dunlop Arranges $110M NYC Portfolio Refi
The financing deal covers properties in several Manhattan and Brooklyn neighborhoods.
A joint venture between Davean Holdings and Meadow Partners has refinanced an 18-property multifamily portfolio in New York City. The portfolio features 112 apartments and 29 commercial units in Manhattan and Brooklyn, N.Y. It was refinanced with a $110 million floating-rate bridge loan from Hudson Bay Capital.
The transaction, which covered properties in some of New York City’s most desirable neighborhoods, including the East Village in Manhattan and Park Slope in Brooklyn, was arranged by Walker & Dunlop. The specific properties were not disclosed.
Citing consistent demand by New Yorkers to live in those communities, Adam Schwartz, senior managing director and co-head of New York Capital Markets at Walker & Dunlop, said in a prepared statement that they expect the portfolio’s vacancy to remain significantly below the city’s average over the long term. Schwartz noted the Walker & Dunlop team has worked with Davean and Meadow in the past.
The Walker & Dunlop New York Capital Markets team was led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Sean Bastian, Christopher de Raet and Stanley Cayre. They represented Sean Lefkovits and David Lloyd of Davean Holdings and Meadow Partners in the deal.
Previous NYC deals
In August 2022, Meadow Partners purchased 305 E. 11th St. and 310 E. 12th Street, adjacent apartment buildings with a total of 89 units in the East Village. The company purchased the communities for $58 million with operating partner 60 Guilders LLC. At that time, it was Meadow’s ninth investment in the neighborhood.
Also in August 2022, Meadow acquired a 4-unit building at 163 First Ave. in the East Village, a 6-unit property at 165 First Ave. and an 8-unit building at 167 First Ave. from Citi Urban Management, according to PropertyShark. The properties had a total of 6,686 square feet of retail space.
That same month, PropertyShark reported that Meadow purchased 81 St. Mark’s Place, a 24-unit building in the East Village, for $18.5 million from Davean Holdings. Meadow secured a $72 million financing package funded by Fortress Investment Group, which encumbered the five-story property at 81 St. Mark’s Place as well as a 10-unit building at 47 St. Mark’s Place and the three buildings on First Avenue.
