Walker & Dunlop, Inc. has successfully arranged $148.5 million in loan proceeds to refinance Admirals Row, an expansive mixed-use development located in the revitalized Brooklyn Navy Yard. The property, developed by Steiner NYC, spans 696,000 square feet across eight acres and represents a pivotal part of the area’s transformation.
The refinancing deal was orchestrated by Walker & Dunlop’s New York Capital Markets team, comprised of Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Diaz, and William Herring. Acting as exclusive advisors to Steiner NYC, the team secured Deutsche Bank as the lender, providing a bridge loan to refinance the property’s existing debt.
A Keystone Project in Brooklyn’s Revitalization
Admirals Row occupies a strategic location at the intersection of Flushing Avenue, Navy Street, and Sands Street. The development is a model of urban mixed-use innovation, incorporating a diverse range of facilities and amenities. Highlights of the property include:
- New York City’s first Wegmans supermarket, a major draw for the community.
- Over 350,000 square feet of light industrial and creative manufacturing space, master-leased to the Brooklyn Navy Yard Development Corporation.
- Additional retail space and a community facility designed to serve local residents and businesses.
- Surface and structured parking accommodating more than 700 vehicles.
The Brooklyn Navy Yard itself is a vital economic hub, housing over 450 businesses that employ more than 12,000 people and contribute more than $2 billion annually to the local economy. The site benefits from excellent connectivity, located just one block from the Brooklyn-Queens Expressway and within walking distance of the Brooklyn and Manhattan Bridges. Its proximity to the vibrant neighborhood of DUMBO further enhances its appeal.
Community Impact and Vision
Doug Steiner, chairman of Steiner NYC, emphasized the significant role Admirals Row plays in the Navy Yard’s redevelopment. “The ongoing transformation of the historic Brooklyn Navy Yard, particularly through Admirals Row, has brought thousands of jobs and essential services to the community,” Steiner stated. “This project is a standout example of urban mixed-use development, and we are proud to have worked with Walker & Dunlop to secure favorable refinancing terms, even in a challenging market.”
Jonathan Schwartz, senior managing director and co-head of New York Capital Markets at Walker & Dunlop, praised Steiner’s commitment to the area. “The Brooklyn Navy Yard has long been the economic heart of Brooklyn. Steiner’s exceptional sponsorship and dedication to its development are commendable,” Schwartz said. He also highlighted Steiner’s ownership and operation of Steiner Studios, a major driver of growth and innovation in the community.
Steiner NYC: A Legacy of Innovation
Steiner NYC has a storied history dating back to 1907 and is known for its groundbreaking projects. These include:
- Steiner Studios: New York’s only Hollywood-style film and television production facility, featuring 900,000 square feet of soundstages and support spaces on 50 acres in the Brooklyn Navy Yard.
- The Hub: A 55-story luxury rental tower in Boerum Hill, Brooklyn, offering 750 residential units and setting a new standard for urban living.
- Steiner East Village: An 82-unit luxury condominium project in Manhattan, which achieved record-breaking sales upon completion.
Walker & Dunlop’s Expertise in Capital Markets
Walker & Dunlop’s Capital Markets team has extensive experience in securing financing for diverse asset classes. In 2023 alone, the group sourced nearly $12 billion in capital from non-agency providers, establishing the firm as a trusted advisor to leading developers, owners, and operators. Their expertise and reach make them a go-to partner for securing tailored financing solutions.
About Walker & Dunlop
As one of the largest commercial real estate finance and advisory firms in the United States, Walker & Dunlop (NYSE: WD) is dedicated to fostering vibrant communities where people live, work, shop, and play. Their innovative solutions, diverse team, and advanced technological capabilities position them as a leader in the commercial real estate industry.
