Walker & Dunlop Arranges $285M Refinance for Greenpoint Central Apartments
Walker & Dunlop, Inc. announced it has arranged a $285 million bridge loan on behalf of an affiliate of Madison Realty Capital to refinance Greenpoint Central, a newly constructed 473-unit Class-A multifamily property located at 65-75 DuPont Street in Brooklyn’s Greenpoint neighborhood.
The financing was arranged by Walker & Dunlop Capital Markets Institutional Advisory team, which includes Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims, and Nicholas Gilhooley. The loan was provided by TPG Real Estate Credit.
Greenpoint Central consists of two newly constructed buildings situated on the former site of the Nuhart Plastics Manufacturing facility. The development offers a mix of studio, one- and two-bedroom apartments. Approximately 70% of the units are market-rate, while the remaining 30% are designated as affordable housing under the Affordable New York 421(a) Option C program and the city’s Inclusionary Housing Program. In addition to residential units, the property also includes 19,589 square feet of retail space spanning the ground and cellar levels.
“We’re proud to represent Madison Realty Capital in refinancing this construction loan, supporting funding reserves, closing, and the return of equity to investors,” said Sean Reimer of Walker & Dunlop.
