Walker & Dunlop Structures $ 170 Million Funding From PCCP, LLC For Mixed Use Renovation Of 122 Fifth Avenue In Manhattan |
BETHESDA, MD., November 30, 2021 / PRNewswire / – Walker & Dunlop, Inc. announced today that it has organized $ 170,000,000 in financing of PCCP, LLC for 122 Fifth Avenue, a historic mixed-use office and retail building located on Fifth Avenue, between West 17th and 18th Streets, in Manhattan, New York. The property, owned by Bromley Companies for over 40 years, is currently undergoing a comprehensive renovation and repositioning plan.
Walker & Dunlop’s Aaron Appel, Jonathan schwartz, Keith kurland, Adam schwartz, as good as Sean bastien and Michel Ianno, arranged the financing on behalf of their client and tapped into their extensive network of capital providers to identify PCCP, LLC as the ideal lender. The team successfully refinanced the property’s existing loan in addition to securing funding for the capital expenditures and leasehold improvements needed to undertake the major redevelopment.
âThe funding organized by the Walker & Dunlop team gave us the opportunity to partner with PCCP for a perfectly executed fundraising transaction and to pursue a strong capital improvement plan for 122 Fifth Avenue and to introduce a new modern space in the Midtown South community. noted Neal mcgraw, Chief Financial Officer of Bromley Companies. âWith a post-COVID design in mind, we will add collaborative workspaces and offer the largest office floor plates in the Flatiron / Union Square submarket, with opportunities for horizontal and vertical expansion, among others. improvements. “
Mr. Appel added: âBromley Companies is a valued customer who has built a spectacular reputation over decades as an investor, developer and operator. Bromley’s diverse portfolio. It has been fully occupied for almost 30 years and will undoubtedly continue to attract world-class technology, media and corporate companies positioned in the region.
“PCCP was pleased to provide this loan to Bromley Companies for the opportunity to redevelop what we believe will be one of Midtown South’s most desirable office buildings,” said Brian Haber of the PCCP. âBromley is an experienced and long-term owner. Bromley has remained committed to his business plan throughout a period with great uncertainty and their commitment has been rewarded here by landing a much coveted tenant. It has been a pleasure working with the Walker & Dunlop team on another funding as we continue to develop our new York footprint.”
Approximately 300,000 square feet in area, 122 Fifth Avenue was originally built in 1900, along with the other pre-World War I buildings lining Fifth Avenue from 14th to 23rd Street. Upcoming renovations will include an 18,700 square foot rooftop overlooking the Empire State Building and Hudson Yards. With interior and exterior elements, the unique penthouse space will house The Pavilion, a 4,315 square foot setting with wrap-around glass from floor to ceiling, surrounded by 13,200 square feet of terraces. The property is within walking distance of that of New York Union Square Transit Center, Madison Square Parkand Union Square Park.
As the fourth largest commercial real estate lender in United States in 2020, Walker & Dunlop is an industry leader and continues to expand its capabilities and reach across the country. The company has ambitious goals to develop its activities in the capital markets, with the aim of creating $ 65 billion of annual debt financing volume by 2025. To learn more about our financing capabilities and options, visit our website.
About Walker & Dunlop
Walker and Dunlop (NYSE: WD) is the largest provider of capital to the multi-family industry in United States and the fourth largest lender on all commercial real estate, including industrial, office, retail and hospitality. Walker & Dunlop empowers real estate owners and operators to bring their vision of communities to life – where Americans live, work, shop and play. The power of our people, our premier brand and cutting edge technology make us more insightful and valuable to our customers, delivering an unparalleled experience every step of the way. With over 1000 employees in all major US markets, Walker & Dunlop a always been named one of the FortuneThe best places to workÂ® and is determined to make the commercial real estate industry more inclusive and diverse while create meaningful social, environmental and economic change in our communities.
About PCCP, LLC
PCCP, LLC is a real estate investment management and finance company focused on commercial real estate debt and equity investments. PCCP has $ 13.9 billion in assets under management on behalf of institutional investors. With offices in new York, San Francisco, Atlanta, and Los Angeles, PCCP has 23 years of experience providing property owners and investors with a wide range of financing options to meet capital requirements. PCCP guarantees 100% of the capital to exploit market inefficiencies and provide investors with attractive risk-adjusted returns. Since its creation in 1998, PCCP has managed, raised or invested more than $ 27.5 billion capital through a series of investment vehicles, including private equity funds, segregated accounts and joint ventures. PCCP continues to seek investment opportunities from experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
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SOURCE Walker & Dunlop, Inc.