Steiner NYC Secures $148.5 Million Bridge Loan for Admirals Row Redevelopment
Refinancing Supports Mixed-Use Complex in Brooklyn Navy Yard
Steiner NYC, the company behind the Hollywood-inspired Steiner Studios for film and television production, has refinanced another key component of the Brooklyn Navy Yard. The $148.5 million bridge loan from Deutsche Bank is for Admirals Row, an 8-acre, 696,000 square-foot mixed-use complex.
Admirals Row: A Hub for Local Businesses and Development
Admirals Row, which Steiner developed, features six buildings situated around the Wegmans parking lot. The complex is part of the city-owned, 300-acre Navy Yard, which has attracted over 450 diverse businesses employing more than 12,000 people to the site where World War II battleships were constructed. The Navy Yard is estimated to generate over $2 billion in economic activity for the city.
Walker & Dunlop Arranges Financing
The loan was arranged by Walker & Dunlop’s capital markets team, led by Jonathan Schwartz, Aaron Appel, Keith Kurland, and Adam Schwartz. Jonathan Schwartz, senior managing director at Walker & Dunlop, praised Steiner for "their exceptional sponsorship and unwavering commitment to this vital area."
Chairman Doug Steiner’s Thoughts on the Development
Steiner NYC Chairman Doug Steiner stated, "Admirals Row exemplifies an outstanding urban model for mixed-use development. We are pleased to have collaborated with Walker & Dunlop to secure very favorable refinancing in a difficult market."
RFR Realty’s 375 Park Avenue
In related news, RFR Realty’s 375 Park Avenue, also known as the Seagram Building, has seen significant leasing activity. Churchill Asset Management has extended its current lease for 52,124 square feet until 2036 and added 26,062 square feet more on the entire eighth floor. This is the second recent expansion at the property, following Blue Owl Capital’s 70,000 square-foot expansion.
The Seagram Building’s Appeal
RFR leasing director AJ Camhi noted that the building’s 100% occupancy and upgrades, such as new outdoor terraces, leasing the former Four Seasons restaurant spaces, and the 34,000 tenants’ amenity center called The Playground, have contributed to its appeal. Churchill was represented by Savills’ Scott Vinett and Fisher Corporate Real Estate’s Chris Joyner, while Camhi and Paul Milunec represented RFR in-house.
Conclusion
Steiner NYC’s refinancing of Admirals Row is a significant milestone for the Brooklyn Navy Yard’s continued growth and development. The complex’s mixed-use design has created a thriving hub for local businesses and employment, generating over $2 billion in economic activity for the city. Walker & Dunlop’s financing expertise played a crucial role in securing a favorable refinancing arrangement.
FAQs
Q: What is the significance of the Admirals Row development?
A: Admirals Row is a mixed-use complex in the Brooklyn Navy Yard, featuring 696,000 square feet of space for light industrial and creative-manufacturing, as well as office and retail space.
Q: What is the total square footage of Admirals Row?
A: The complex spans 696,000 square feet.
Q: Who arranged the financing for Admirals Row?
A: Walker & Dunlop’s capital markets team, led by Jonathan Schwartz, Aaron Appel, Keith Kurland, and Adam Schwartz, arranged the financing.
Q: What is the estimated economic impact of the Navy Yard on the city?
A: The Navy Yard is estimated to generate over $2 billion in economic activity for the city.
