Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz led Walker & Dunlop’s team in structuring the debt financing provided by JPMorgan Chase. This three-year financing consisted of a bridge loan and a condo inventory loan. Financing this property was highly competitive, with many capital sources bidding to finance this unique development.
“We’re excited to have worked with the OKO and Aman teams on this world-class asset,” says Keith Kurland. “Their unparalleled vision to deliver a seven-star hotel and residences has truly come to fruition.”
The 95,000 square-foot residential section of the development includes 22 exclusive residences, while the 117,000 square-foot hotel portion contains 83 guest rooms and suites. These rooms are among New York’s largest, and this hotel is the only hotel in New York to offer a working fireplace in each room. This development is Aman’s first US urban residence project and provides unique features for owners, including a private entrance, access to three dining venues, the Jazz Club, the Wine Room, and the renowned 25,000 square feet Aman Spa. The residences are almost entirely sold out, with one of the condos selling for $55 million, in one of New York’s priciest residential transactions so far this year.
Originally built in 1921, the Crown Building was the first home of the Museum of Modern Art. It was renamed in 1983 for its iconic crown-like appearance when illuminated. The hotel portion of the property will open on August 2nd, with reservations opening on July 25th.
Walker & Dunlop is the ninth CRE lender overall in 2021 with $68B in total transaction volume last year. With one of the strongest networks in the industry, the firm’s 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020. To learn more about our Capital Markets capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling 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 makes 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.
SOURCE Walker & Dunlop, Inc.
