### Steiner NYC Secures Full Ownership of Brooklyn’s Hub Tower in $420M Recapitalization
Steiner NYC has successfully recapitalized Hub, a prominent Brooklyn rental tower, in a $420 million deal. This move allows Steiner, the original developer of the 55-story building, to buy out its equity partner, JPMorgan Asset Management.
A team from Walker & Dunlop Capital Markets, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Christopher de Raet, advised Steiner on the recapitalization. They also facilitated $62.5 million in preferred equity from Meadow Partners to support the transaction.
“It’s been a privilege to work alongside Steiner to execute this unique project,” said Appel. “This deal stands apart from traditional financings due to its complex structure, which involved an equity buyout and the sourcing of preferred equity to help capitalize the transaction. We are excited to see Steiner gain full ownership of this landmark property.”
Located at 333 Schermerhorn Street, Hub was the tallest building in Brooklyn when it was completed in 2018. Walker & Dunlop previously arranged the building’s construction financing, JPMorgan’s original equity investment, and institutional permanent financing in 2019.
