Walker & Dunlop Secures $148 Million Refinancing for Admirals Row in Brooklyn

Walker & Dunlop, Inc. has successfully arranged a $148.5 million refinancing deal for Admirals Row, a significant mixed-use development in the Brooklyn Navy Yard, developed by Steiner NYC. This property spans 696,000 square feet over eight acres and includes New York City's first Wegmans supermarket, over 350,000 square feet of industrial and creative manufacturing space, additional retail and community facilities, and ample parking. The refinancing was facilitated by Deutsche Bank, serving as the bridge loan lender.

The Brooklyn Navy Yard, a revitalized hub in New York, houses over 450 businesses, employs more than 12,000 individuals, and contributes over $2 billion annually to the city's economy. Its strategic location near major expressways and bridges enhances its appeal as a business center.

Doug Steiner, chairman of Steiner NYC, highlighted the project's role in job creation and community service, emphasizing the significance of the refinancing deal in a challenging market. Jonathan Schwartz of Walker & Dunlop praised Steiner's commitment to the area's development, noting their continued investment in projects like Steiner Studios, a major film and television production facility.

Walker & Dunlop's Capital Markets group, known for sourcing nearly $12 billion in capital in 2023, remains a leading advisor in the real estate finance sector, offering diverse financing solutions to developers and operators nationwide.