NEW YORK CITY — Walker & Dunlop has arranged a $285 million loan for the refinancing of Greenpoint Central, a newly constructed, 473-unit multifamily property located in the Brooklyn neighborhood of the same name. TPG Real Estate Credit provided the loan to the borrower and developer, an affiliate of New York City-based Madison Realty Capital.
Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims and Nicholas Gilhooley of Walker & Dunlop arranged the debt. Ownership will use proceeds to retire construction debt, support funding reserves and return equity to investors.
Greenpoint Central is split between two buildings located at 75 Dupont St. (Phase I) and 65 Dupont St. (Phase II). The property offers studio, one- and two-bedroom apartments, 70 percent of which are rented at market rates and 30 percent of which are subject to income restrictions.
Amenities include a fitness center, media lounge, game room, coworking space, golf simulator, children’s playroom, pickleball court and a rooftop deck with grilling and dining stations. The property also features 19,589 square feet of retail space on the ground and cellar floors.
“The area’s evolving waterfront, cultural institutions and creative community continue to attract renters, creating sustained demand in the Williamsburg-Greenpoint submarket,” says Samir Tejpaul, managing director and head of capital markets at Madison Realty Capital. “With only 850 new units delivered annually on average and 1,200 currently under construction, Greenpoint Central is well-positioned to deliver vibrant new rental housing options for the Greenpoint community.”
- Taylor Williams