Walker & Dunlop has arranged $148 million in loan proceeds to refinance The Victoria, a multi-tower, 30-story project built around Harlem’s Victoria Theater redevelopment.
The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and William Herring, acted as exclusive advisors to the clients, Lam Group and Exact Capital. The team identified Aareal Capital as the lender to secure the loan. The loan will support ongoing operations and future enhancements of this iconic project, known for its rich cultural heritage and strategic location.
The Victoria, originally built around Harlem’s historic Victoria Theater, blends luxury residences, a Marriott-branded Renaissance Hotel and premier retail space. The project, completed in Q3 2023, stands as Harlem’s tallest building, offering 191 luxury residences, a 211-key hotel and over 23,000 square feet of retail space. The development also includes 52 below-grade parking spaces.
“We are thrilled to have secured this financing for Lam Group and Exact Capital for The Victoria,” said Aaron Appel, senior managing director and co-head of New York capital markets at Walker & Dunlop. “This transaction underscores the project’s significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence and cultural preservation.”
The property’s unit finishes and modern design, expansive amenity program, destination retail and below-grade parking garage atop one of Harlem’s most iconic cultural institutions position the property as the marquee development in Upper Manhattan, Walker & Dunlop said.
