Walker & Dunlop Constructions $70 Million in Financing for 21 West Road House Constructing in New York’s Manhattan District

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NEW YORK, NY – Walker & Dunlop, Inc. announced that it has arranged $70,000,000 in permanent financing for 21 West Street in New York, New York. The 33-story tower includes 293 carefully designed studio, one-, two-, and three-bedroom apartments. Located in the Financial District of Manhattan, the property is proximate to the offices of major financial firms, including Goldman Sachs and American Express.

Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno, and Triston Stegall led the Walker & Dunlop team in arranging the financing for Rose Associates, a repeat client. Based in New York, Rose Associates is a leading multifamily and mixed-use real estate developer and operator that has overseen the successful residential and retail leasing at the property for nearly 30 years. The 12-year loan, provided by MetLife features an attractive fixed rate and interest-only payments for the entire term, which will ensure continued operating performance for years to come. The Rose Associates team was led by Marc Ehrlich, Chief Investment Officer and Michele Bengelsdorf, Head of Asset Management.

“Though the New York City rental market experienced headwinds during the COVID-19 pandemic, the market has successfully absorbed more than 60,000 new units that were delivered over the past four years. With vacancies at near record lows, this lending opportunity was very attractive to the capital markets,” said Walker & Dunlop’s Jonathan Schwartz.

21 West Street blends modern convenience and a classic landmark style with luxurious residences. The property’s amenity offerings include a roof deck, fitness center, resident lounge, and children’s playroom. With excellent transit access, residents enjoy convenient access to the rest of Manhattan as well as to Brooklyn, Queens, and New Jersey. New retail offerings, including West of Broadway, Brookfield Place, and Westfield’s World Trade Center mall dramatically increase area residents’ shopping and dining options.

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