Walker & Dunlop Arranges $128 Million for New York City Multifamily Portfolio
Walker & Dunlop, Inc. announced today that it facilitated $128 million in financing for the acquisition of nine Manhattan properties, all located within a two-block stretch of Manhattan's vibrant East Village neighborhood.
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East Village Portfolio (Photo: Business Wire)
The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Sean Bastian, acted as exclusive advisors to longtime client RYCO Capital. Derby Copeland Capital provided the interest-only floating rate bridge loan.
The nine properties are located alongside 2nd Avenue between St Marks and East 10th Street. They total 153,800 square feet and consist of 171 residential units and 22 retail units.
"The New York City apartment market continues to demonstrate exceptional fundamentals, with our submarket maintaining some of the lowest vacancy rates in the nation," said Jonathan Schwartz, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. "We are thrilled to have represented RYCO Capital, a team we know will drive significant value to this portfolio for years to come."
The portfolio's exceptional location is defined by its vibrant and energetic environment, attracting creatives and young professionals in large quantities. With a submarket vacancy rate of just 1.5%, the portfolio is positioned to leverage a significant supply-demand imbalance in the area. The properties are also close to New York University and surrounded by restaurants, hotels, nightlife, and transportation.
"We anticipate continued strong demand for prime, renovated, and well-managed units in the East Village," said James Ryan at RYCO Capital. "We are pleased to collaborate with the trusted and skilled team at Walker & Dunlop on this successful acquisition financing."
"It was a pleasure working with RYCO Capital and the Walker Dunlop team to close this loan," said Jesse Hutcher at Derby Copeland Capital. "We pride ourselves on being a dependable capital partner for property owners and advisors during these challenging times for regional banks. Our belief in New York City's real estate remains steadfast as we continue to navigate and capitalize on the dynamic opportunities in this thriving market."
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.
About Derby Copeland Capital
Derby Copeland Capital is a vertically integrated New York City-based real estate investment platform specializing in opportunistic real estate related debt financing and equity investments. The firm is a trusted private middle-market investor in New York City, having invested in over $1.5 billion of New York City real estate since inception in 2015. Derby Copeland Management Group, LLC (d/b/a Derby Copeland Capital) is a registered investment adviser. Information presented is for marketing purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. All persons should first consult with a qualified financial adviser and/or tax professional before implementing any strategy. Past performance is not indicative of future performance.
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