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BETHESDA, Md. - Walker & Dunlop, Inc. has successfully orchestrated the $420 million recapitalization of Hub, a prominent 750-unit high-rise multifamily building situated in downtown Brooklyn. The transaction was completed with the guidance of the Walker & Dunlop Capital Markets team, enabling Steiner NYC to acquire full ownership by buying out their equity partner, J.P. Morgan Asset Management.
The advisory team, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Christopher de Raet, facilitated not only the recapitalization but also arranged $62.5 million in preferred equity from Meadow Partners. This strategic financial maneuver grants Steiner NYC complete control over Hub, a significant asset in their real estate portfolio. Walker & Dunlop’s strong financial position, with a current ratio of 1.66 and liquid assets exceeding short-term obligations, as reported by InvestingPro, demonstrates its capability to handle such large-scale transactions.
Marc Mechanic, a partner at Meadow Partners, expressed satisfaction in providing a preferred equity financing solution that leverages their in-depth understanding of the New York market to support a high-value multifamily project in an attractive Brooklyn neighborhood.
Aaron Appel of Walker & Dunlop remarked on the unique nature of the deal, highlighting its complex structure involving an equity buyout and the sourcing of preferred equity. The rapid completion of the deal, from contract signing to closing in two months, was also noted as a testament to Walker & Dunlop’s efficiency.
Hub, which was developed by Steiner NYC and completed in 2018, stands as a landmark at 333 Schermerhorn Street, offering rental units with panoramic views of New York Harbor and the Manhattan skyline. Its prime location is bolstered by easy access to 12 subway lines within a two-block radius. Walker & Dunlop’s previous involvement with Hub includes arranging its construction financing, JPMAM’s equity investment, and securing institutional permanent financing in 2019.
Doug Steiner, Chairman of Steiner NYC, expressed pride in achieving full ownership of Hub, a project that reflects the company’s long-standing history of notable developments in New York, including Steiner Studios and the luxury condominium project Steiner East Village.
Walker & Dunlop, recognized as a top adviser in the industry, facilitated over $16 billion in transactions in 2024 alone. The firm continues to offer a broad range of financing options for developers, owners, and operators in the commercial real estate space.
This recapitalization event, based on a press release statement, underscores Walker & Dunlop’s role as a major player in commercial real estate finance and advisory services, with a focus on creating communities through their financing solutions.
In other recent news, Walker & Dunlop, Inc. has made significant strides with its financial maneuvers and strategic appointments. The company announced the successful pricing of a $400 million senior unsecured notes offering, set at an interest rate of 6.625% per annum, with proceeds intended to reduce existing term loan obligations and support general corporate purposes. Additionally, Walker & Dunlop secured a new $450 million credit deal, featuring a term loan and revolving credit line, aimed at enhancing financial flexibility. Moody’s Ratings upgraded the firm’s senior secured bank credit facility to Baa3, reflecting improved debt capital structure and increased liquidity access.
The company also welcomed Dustin Stolly as senior managing director, a move expected to bolster its New York Capital Markets team. This strategic hiring is part of Walker & Dunlop’s initiative to expand its market share in commercial real estate capital markets. In analyst actions, Keefe, Bruyette & Woods upgraded Walker & Dunlop’s stock rating to "Outperform," citing potential growth in multifamily rent and acquisitions. These developments underscore Walker & Dunlop’s efforts to strengthen its financial position and market presence.
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