Walker & Dunlop Secures $128 Million for New York City Multifamily Portfolio

Walker & Dunlop, Inc. recently facilitated $128 million in financing for the acquisition of nine properties in Manhattan’s East Village. The transaction was managed by the New York Capital Markets team at Walker & Dunlop, including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, and Sean Bastian, who acted as exclusive advisors to RYCO Capital. The loan was provided by Derby Copeland Capital.

The properties, located on 2nd Avenue between St Marks and East 10th Street, encompass 153,800 square feet and include 171 residential units and 22 retail spaces.

Jonathan Schwartz, senior managing director and co-head of New York Capital Markets at Walker & Dunlop, commented on the strength of the New York City apartment market, particularly within this submarket, which has some of the lowest vacancy rates nationally. He expressed confidence in RYCO Capital’s ability to add significant value to the portfolio.

Positioned in a dynamic area known for attracting creatives and young professionals, the portfolio benefits from a submarket vacancy rate of just 1.5%. The properties are in proximity to New York University and are surrounded by various amenities, including restaurants, hotels, nightlife, and transportation.

James Ryan of RYCO Capital highlighted the ongoing demand for prime, renovated, and well-managed units in the East Village. He noted the successful collaboration with Walker & Dunlop on the financing of this acquisition.

Jesse Hutcher of Derby Copeland Capital also reflected positively on the partnership with RYCO Capital and Walker & Dunlop, emphasizing their commitment to supporting property owners and advisors, particularly given the current challenges faced by regional banks. He affirmed the firm’s continued belief in New York City’s real estate market.

In 2023, Walker & Dunlop’s Capital Markets group secured nearly $12 billion in financing across various asset classes, working with leading developers, owners, and operators.

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