Walker & Dunlop Arranges $163.4 Million Permanent Financing for Revitalized Manhattan Mixed-Use Asset
Walker & Dunlop, Inc. has announced the successful arrangement of a $163,427,059 permanent loan to refinance 122 Fifth Avenue, a premier 278,000-square-foot, Class A mixed-use office and retail property located in Manhattan’s highly sought-after Flatiron District. The financing reinforces continued lender confidence in well-located, modernized office assets and highlights sustained demand for best-in-class properties in Midtown South.
The loan was arranged by Walker & Dunlop Capital Markets’ Institutional Advisory team on behalf of Bromley Companies, the longtime owner and developer of the property. The financing was secured from Helaba Bank and DekaBank and structured as fixed-rate, interest-only debt, allowing the borrower to refinance existing obligations while maintaining long-term capital flexibility. The transaction was led by Walker & Dunlop professionals Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jordan Casella, Christopher de Raet, and Jack Krentzman.
122 Fifth Avenue has recently undergone a transformative $107 million capital improvement program that has repositioned the property as a flagship loft-style office tower tailored to the evolving needs of today’s tenants. The extensive renovation modernized the building’s infrastructure and systems while preserving its historic character, creating a contemporary workspace that appeals to leading technology, media, and creative companies.
As part of the redevelopment, the building now features expansive, efficient floor plates, dual tenant lobbies, and state-of-the-art mechanical, electrical, and life safety systems. A newly constructed rooftop pavilion offers tenants panoramic views of Midtown Manhattan, providing a highly desirable amenity that enhances the overall tenant experience. These upgrades have elevated the property’s competitive positioning within the Midtown South office market.
The revitalized asset has achieved both WiredScore Gold and LEED certifications, underscoring Bromley Companies’ commitment to sustainability, connectivity, and operational excellence. These certifications reflect strong digital infrastructure, energy efficiency, and environmentally responsible design—attributes that are increasingly essential to attracting and retaining high-quality tenants in today’s office environment.
The property is anchored by major corporate tenants, including Microsoft and Chime, both of which occupy the building under long-term leases. Their presence highlights the sustained demand for premium office space in Midtown South and reinforces the building’s reputation as a destination for forward-thinking firms seeking high-quality workplaces in vibrant urban settings.
“Bromley Companies’ strategic reinvestment in 122 Fifth Avenue has elevated the property into one of Midtown South’s premier mixed-use assets,” said Aaron Appel, senior managing director at Walker & Dunlop. “This transaction underscores the continued demand for fully modernized, best-in-class office properties. 122 Fifth Avenue is a top destination for leading technology, media, and creative firms that are shaping the future of the Midtown South market.”
The property’s location further enhances its appeal. Situated between West 17th and 18th Streets on Fifth Avenue, 122 Fifth Avenue offers immediate access to some of Manhattan’s most desirable parks, transportation hubs, and lifestyle amenities. Union Square and Madison Square Park are both within a short walk, providing tenants with access to green space, dining, retail, and cultural destinations.
Transit connectivity is a key advantage of the asset. The building is just a three-minute walk from Union Square Station, which serves multiple subway lines and bus routes. Additional connectivity is provided by the nearby 14th Street and Sixth Avenue Station, offering access to the F, M, and L subway lines as well as PATH service to New Jersey. This robust transportation network makes the property easily accessible for employees commuting from across the metropolitan area.
Beyond transit and amenities, the building is surrounded by a dense concentration of innovative startups and established corporate neighbors, all within a ten-minute walk. This dynamic business ecosystem adds to the property’s attractiveness, fostering collaboration and networking opportunities that appeal to modern office users.
The transaction also reflects Walker & Dunlop’s continued leadership in the capital markets space. In 2024 alone, the firm’s Capital Markets team sourced more than $16 billion in debt and equity from non-agency capital providers. This breadth of experience positions Walker & Dunlop as a trusted advisor to many of the industry’s top developers, owners, and operators across all major asset classes.
By leveraging deep relationships with global lenders and institutional capital sources, Walker & Dunlop continues to deliver tailored financing solutions that meet the evolving needs of its clients. The refinancing of 122 Fifth Avenue stands as a testament to the firm’s ability to execute complex transactions in competitive urban markets.
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