At a glance
- A Walker & Dunlop team of Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Ianno and Emily Robertson arranged the debt.
- The buildings at 305 East 11th Street and 310 East 12th Street hold studios through four-bedroom apartments, with elevators, an outdoor garden area, private storage, on-site security systems and a new fitness center.
- Across 88 apartments, the $56.7 million loan implies roughly $644,000 of debt per unit.
Prime Finance lent $56.7 million to refinance a two-building, 88-unit apartment complex in Manhattan's East Village for a joint venture of 109Co and Meadow Partners, Commercial Observer first reported.
A Walker & Dunlop team of Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Ianno and Emily Robertson arranged the debt.
The buildings at 305 East 11th Street and 310 East 12th Street hold studios through four-bedroom apartments, with elevators, an outdoor garden area, private storage, on-site security systems and a new fitness center. The sponsorship has recently renovated the property, and 109Co will manage each building through 620 MGMT, a dedicated property management platform.
Across 88 apartments, the $56.7 million loan implies roughly $644,000 of debt per unit. Rate, term and leverage were not disclosed.
For debt-fund allocators, that per-unit figure is a comparable to run against their own East Village multifamily exposure.
Walker & Dunlop arranged a $117.3 million floating-rate, interest-only refinancing on 960 Class A units in the Austin and Dallas-Fort Worth metros in October, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from Commercial Observer, Private Real Estate Daily Deal Tracker and Private Wealth Daily archive. Published . Corrections