Walker & Dunlop structures $754 million financing for Aman New York Luxury Residences
Aaron Call, Keith Kurland, Jonathan Schwartzand Adam Schwartz led the Walker & Dunlop team in structuring debt financing provided by JPMorgan Chase. This three-year financing consisted of a bridge loan and a condominium inventory loan. Financing for this property was very competitive, with many sources of capital bidding to finance this unique development.
“We are delighted to have worked with the OKO and Aman teams on this world-class asset,” said Keith Kurland. “Their unparalleled vision of delivering a seven-star hotel and residences has truly come to fruition.”
The 95,000 square foot residential section of the development includes 22 exclusive residences, while the 117,000 square foot hotel portion contains 83 rooms and suites. These rooms are among the New York one bigger, and this hotel is the only hotel in New York to offer a functional fireplace in each room. This development is that of Aman first urban residence project in the United States and offers unique features for owners, including a private entrance, access to three restaurants, the Jazz Club, the Wine Room and the famous 25,000 square foot Aman Spa. The residences are almost completely sold out, with one of the condos selling for $55 millionin one of the New York one most expensive residential transactions so far this year.
Originally built in 1921, the Crown Building was the first home of the Museum of Modern Art. It was renamed in 1983 for its iconic crown-like appearance when illuminated. The hotel portion of the property will open on August 2ndn/awith reservations opening on July 25e.
Walker & Dunlop is the ninth CRE lender overall in 2021 with $68 billion of total transaction volume last year. With one of the strongest networks in the industry, the company’s negotiated loan originations in 2021 totaled $30 billiona 170% increase over 2020. To learn more about our capital markets funding capabilities and options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling property owners and operators to realize their vision for communities – where Americans live, work, shop and play . The power of our people, our leading brand and our cutting-edge technology make us more insightful and valuable to our customers, delivering an unparalleled experience every step of the way. With over 1,000 employees in all major US markets, Walker & Dunlop has consistently been named one of FortuneThe best places to work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental and economic change in our communities.
SOURCEWalker & Dunlop, Inc.