Downtown Brooklyn wins mixed-use gem with The Brook, funding arranged by Walker & Dunlop
BETHESDA, MD., August 4, 2022 /PRNewswire/ — The New York Capital Markets team of Walker & Dunlop, Inc. today announced that it has structured approximately $388.4 million in Bank of America’s financing for The stream, a development consisting of 448,000 leasable square feet of luxury mixed-use multi-family and retail space located at the intersection of Fulton Street, Flatbush Avenue Extension and DeKalb Avenue in downtown Brooklyn. The unique bookend development is located adjacent to some of the from Brooklyn popular thoroughfares, steps from Fulton Mall and 5 minute walk from Barclays Center.
Walker & Dunlop’s New York Capital Markets team, including Aaron Call, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Sean Bastien was retained by Witkoff and Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI), which is managed by a subsidiary of Apollo Global Management to arrange financing for the construction of The Brook. The property will be divided into two development sites with the larger “East Site” at 565 Fulton Street and the “West Site” at 547-557 Fulton Street.
The East Site consists of a 51-story mixed-use tower that will include 591 carefully designed studio, one- and two-bedroom apartments using the Affordable New York (“ANY”) and Inclusionary Housing (“IH”) programs. ) and over 30,000 square feet of amenity space. Residents will have access to a plethora of indoor and outdoor amenities, including an outdoor pool with cabanas, a dog park, a state-of-the-art fitness center, a half-court basketball court, and multiple resident lounges. The East site also offers over 17,200 square feet of above ground retail space at the base of the building.
“As one of the most coveted development sites within Downtown BrooklynThe Brook represented a unique opportunity to develop an unprecedented mixed-use project at the focal point of Downtown Brooklyn development boom underway,” said Aaron Call by Walker & Dunlop. “Having participated in the financing of nearly 35% of Downtown Brooklyn recent developments, we are proud to add this one to the list.”
The impressive jewelry box retail site on the West Plot will offer nearly 14,000 square feet of retail space adjacent to Albee Square. With an imposing presence overlooking the public space, the commercial space is poised to attract the most qualitative brands looking to establish themselves or strengthen their presence in Brooklyn. The prime location between Fulton Street and Dekalb Avenue will allow prospective retailers to adorn the facade of what will become downtown Brooklyn’s most desirable single-tenant retail space. Witkoff and ARI’s ability to activate the unique two-plot development site ensures The Brook’s future success as the surrounding neighborhood continues to benefit from tremendous population and job growth.
Walker & Dunlop’s Capital Markets team has close relationships with more than 350 sources of capital across the country, including banks, insurance companies, finance companies, alternative lending sources and credit conduits. commercial mortgage-backed securities (CMBS). In 2021, the capital markets segment generated more than 1,300 loans and equity investments totaling nearly $30 billion from capital providers other than GSE. This extensive experience has made him a leading advisor across all asset classes to many of the industry’s leading developers, owners and operators. To learn more about Walker & Dunlop’s various financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry in United States, enabling real estate owners and operators to bring their vision for communities to life – where Americans live, work, shop and play. Our people, our brand and our technology make W&D one of the most insightful and customer-focused companies in our industry. With more than 1,400 employees in all major US markets, Walker & Dunlop has consistently been named one of FortuneThe best places to work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental and economic change in our communities.
SOURCEWalker & Dunlop, Inc.