Walker & Dunlop secured $204 million in loan proceeds from MF1 Capital to refinance The Axel, a 29-story mixed-use multifamily and commercial asset with 284 multifamily units located at 550 Clinton Ave. and 539 Vanderbilt Ave. in Brooklyn, New York.
The Walker & Dunlop team, comprised of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian, exclusively advised the sponsor, Hope Street Capital, on the refinancing of the Morris Adjmi Architect-designed building. A team led by Michael Squires and Will Trotsky handled the financing for MF1 Capital.
“The Axel represented an opportunity to refinance a top-tier development project rapidly approaching completion for an institutional-quality sponsorship team,” said Aaron Appel, senior managing director and co-head of New York capital markets at Walker & Dunlop. “Having already leased a portion of the multifamily tower with tenants, Hope Street was able to provide lenders with an early proof of concept in a challenging market environment.”
The Axel is located on the border of downtown Brooklyn at the convergence of Clinton Hill, Fort Greene and Prospect Heights.
“This financing provided a great opportunity to partner with best-in-class sponsorship in Hope Street Capital and capital markets advisor in Walker & Dunlop,” said Michael Squires, managing director at Limekiln Real Estate/ MF1. “This transaction illustrates MF1’s continued ability to execute on structured loans for high-quality assets in a turbulent market, all the while closing in less than 35 days.”
