July 10, 2024 06:00 AM Eastern Daylight Time

Walker & Dunlop Arranges $148 Million Refinance for Tallest Building in Harlem

BETHESDA, Md.--(BUSINESS WIRE)--Walker & Dunlop, Inc. announced today that it arranged $148,000,000 in loan proceeds to refinance The Victoria, a multi tower, 30-story project built around Harlem’s heralded Victoria Theater redevelopment.

The Walker & Dunlop New York Capital Markets team, led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt, and William Herring, acted as exclusive advisors to the clients, Lam Group and Exact Capital. The team identified Aareal Capital as the lender to secure the loan. The loan will support ongoing operations and future enhancements of this iconic project, known for its rich cultural heritage and strategic location.

The Victoria, originally built around Harlem's historic Victoria Theater, blends luxury residences, a Marriott-branded Renaissance Hotel, and premier retail space. The project, completed in Q3 2023, stands as Harlem's tallest building, offering 191 luxury residences, a 211-key hotel, and over 23,000 square feet of retail space. The development also includes 52 below-grade parking spaces, enhancing convenience for residents and visitors alike.

The Victoria enjoys a prime location in Harlem, with proximity to major retail outlets, transportation hubs, and renowned cultural institutions such as the Apollo Theater and Columbia University's Manhattanville campus. The project has been a focal point for community engagement and cultural enrichment since its inception, maintaining ties to Harlem's vibrant history while contributing to its economic vitality.

"We are thrilled to have secured this financing for Lam Group and Exact Capital for The Victoria,” said Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. “This transaction underscores the project's significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence, and cultural preservation."

The property’s meticulously crafted unit finishes and modern design, expansive amenity program, destination retail, and below grade parking garage atop one of Harlem’s most iconic cultural institutions position the property as the marquee development in Upper Manhattan.

In 2023, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.