Walker & Dunlop Inc. announced that it has arranged a $285 million bridge loan to an affiliate of Madison Realty Capital to refinance Greenpoint Central, a newly built, 473-unit Class-A multifamily property in Brooklyn’s Greenpoint neighborhood.
Walker & Dunlop Capital Markets Institutional Advisory, led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims, and Nicholas Gilhooley, arranged the loan from TPG Real Estate Credit.
“Located in a prime Greenpoint location with access to scenic river views and convenient proximity to Brooklyn, Queens and Manhattan, this property offers an intimate, livable alternative to Manhattan and other parts of Brooklyn,” said Reimer, managing director at Walker & Dunlop. “We’re proud to represent Madison Realty Capital in refinancing this construction loan, supporting funding reserves, closing, and the return of equity to investors.”
The property’s multifamily rental component includes studio, one- and two-bedroom apartments, with 70% market-rate and 30% affordable units developed through the Affordable New York (ANY) 421(a) Option C program and the Inclusionary Housing program. The property also features 19,589 square feet of retail space on the ground and cellar floors.
“The area’s evolving waterfront, cultural institutions, and creative community continue to attract renters, creating sustained demand in the Williamsburg-Greenpoint submarket. With only 850 new units delivered annually on average and 1,200 currently under construction, Greenpoint Central is well-positioned to deliver vibrant new rental housing options for the Greenpoint community,” said Samir Tejpaul, managing director and head of capital markets at Madison Realty Capital. “We are grateful for the financing solution and strategic support provided by Walker & Dunlop, alongside TPG.”
