Walker & Dunlop, Inc. announced today that it structured $160,000,000 in financing for Sawyer Place, a recently-built, Class A multifamily building located in the burgeoning neighborhood of Yonkers, New York. Completed in 2020, the property consists of two connected towers featuring 438 beautifully designed rental units and approximately 31,000 rentable square feet of ground-floor retail.
Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno, and Sean Bastian led Walker & Dunlop’s team in structuring the refinance, which replaces the property’s existing construction loan. The team served as exclusive advisor to their client, RXR Realty, a vertically integrated property owner, developer, and operator headquartered in New York City. Drawing on their extensive network of capital providers, the team identified Mesa West Capital as the ideal lender and arranged a five-year, floating rate non-recourse bridge loan.
Said Michael Maturo, President of RXR Realty, “Sawyer Place has quickly evolved into one of the most sought-after rental buildings in downtown Yonkers. The property has witnessed tremendous leasing velocity from both residents moving within the surrounding county as well as from New York City, and will continue to be a highly attractive rental option to both young professionals and families who have a desire to live in this rapidly expanding Yonkers neighborhood.” He added, “We were thrilled with the execution that Walker & Dunlop’s New York City team brought to this deal. They found a perfect capital partner to suit our unique needs and specifications.”
“We were honored to work with a longtime client, RXR, on Sawyer Place, one of their newest developments,” commented Appel. “Downtown Yonkers is increasingly becoming a desirable live-work-play destination with an artistic and cultural scene that is redefining the neighborhood. The capital markets saw the value in the location and the superior amenities offered by Sawyer Place, resulting in a very competitive financing.”
Located just blocks from the Hudson waterfront, Sawyer Place features panoramic views of Manhattan’s skyline, the Hudson River, and the Palisades. Sawyer Place offers residents a modernized luxury experience, featuring unit interiors with stainless steel appliances, keyless fob entry, in-home washers and dryers, and floor-to-ceiling windows. On-site amenities include a landscaped roof terrace, indoor theater, state-of-the-art fitness center, 24/7 concierge, resident lounge, on-site valet parking, and a 533-space parking garage. The property is within a three-minute walk of the Yonkers Metro-North station, providing a seamless commute into Manhattan, and is also proximate to five major highways, offering access to the rest of Westchester County, Fairfield County, and New York City.
Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, originating $31 billion in transactions and lending over $24 billion for multifamily properties. With one of the strongest networks in the industry, the firm also completed $11 billion in brokered loan originations in 2020, a 6% increase over 2019.
About Walker & Dunlop
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune‘s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.