### Steiner NYC Recapitalizes Brooklyn Rental Tower for $420M
Steiner NYC has successfully recapitalized Hub, a 55-story rental tower in Brooklyn, for $420 million. This move allows Steiner, the original developer of the tower, 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 transaction. The team also secured $62.5 million in preferred equity from Meadow Partners to support the recapitalization.
“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 as well as 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 had previously arranged the construction financing, JPMorgan Asset Management’s initial equity investment, and institutional permanent financing in 2019.
