Walker & Dunlop announced that it arranged $293.2 million to refinance 40 Tenth Avenue, a 158,957-square-foot, mixed-use property in Manhattan’s Meatpacking District.
Walker & Dunlop Capital Markets Institutional Advisory served as exclusive advisor to Aurora Capital and William Gottlieb Real Estate. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Jordan Casella and Stanley Cayre arranged the fixed-rate, permanent debt refinancing from Corebridge Financial Inc.
“40 Tenth Avenue stands out in building quality, location and experience, all elements that differentiate a property for tenants,” said Stolly, senior managing director of Capital Markets Institutional Advisory at Walker & Dunlop. “The fully leased office component, institutional tenant roster and substantial outdoor space demonstrate the continued demand for high-touch, well-located workplaces in New York. We valued the opportunity to collaborate with Aurora Capital on a financing that supports its long-term plans for the property.”
Completed in 2019 and designed by Studio Gang, 40 Tenth Avenue includes 112,241 square feet of office space across floors three through 10 and 46,716 square feet of retail space on the ground and second floors. Hyundai Motor occupies the property’s entire retail component, while office tenants include Starwood Capital Group, WestCap Management, RTW Investments, Stripes and Checkout.com. The building offers more than 18,000 square feet of landscaped private outdoor space, including an approximately 10,000-square-foot rooftop terrace and an approximately 8,000-square-foot planted second-floor terrace.
