BETHESDA, MD., June 14, 2022 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it has organized $162,400,000 in financing the construction of Mandarin Oriental Residences, Fifth Avenue, New York’s first turnkey branded residences available for sale. Located directly on Fifth Avenue at the intersection of East 54th Street in the heart of from manhattan Plaza District, the property will be managed and operated by Mandarin Oriental, providing owners access to five-star luxury hotel services, without hotel guests. manhattan-based Northwind Group provided the entire lending solution through its discretionary debt fund. Northwind Group was born last year $840 million loans guaranteed by 76 properties in New York, Houston, miamiand Chicago.
Aaron Call, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Bastien and Michael Ianno, led the Walker & Dunlop team in arranging the financing. The team served as the exclusive advisor to their client, SHVOthe culture-defining property development and investment company headquartered in New York City. Proceeds from the loan allowed SHVO to refinance existing debt and capitalize remaining construction costs to complete the conversion of the former Gucci NYC headquarters.
“This transaction highlights the current demand – from both lenders and consumers – for a uniquely branded, turnkey condominium product located in one of from manhattan most emblematic districts. This funding will bolster the project’s rapid completion, with closures expected later this year for this world-class luxury product that is unavailable to buyers in the current market. ” said Aaron CallSenior Managing Director and Co-Head of New York Capital Markets for Walker & Dunlop.
Ran Eliasaf, Founder and Managing Partner of Northwind Group, said: “We have been able to find a flexible financing solution for this unique asset which will help our borrower achieve their goals and complete the transformation of this property into l ‘one of the from manhattan finest residential buildings. This financing is in line with our strategy and marks a new stage in our growth as a company. Northwind plans to deploy nearly $1 billion in debt transactions in New York and other major hub cities.”
SHVO has developed a premier, forward-thinking offering with residents having access to hotel-inspired living, encompassing Mandarin Oriental’s legendary service with the added security and privacy of an exclusively residential building. Mandarin Oriental Residences include 69 fully furnished and equipped homes, ranging from junior suites to two-bedroom residences featuring Molteni kitchens and built-in closets, Miele appliances, oak herringbone floors, Juliet balconies, fabrics from custom furnishings and complete wall coverings as well as Frette linens, George Jensen silver and custom champagne fixtures from Dornbracht gilded with 22 carat electroplated gold. In addition to top-notch Mandarin Oriental service, the suite of unrivaled amenities includes a state-of-the-art fitness center with steam room, sauna, and treatment rooms; a private rooftop pool, with lounge and bar, offering views of Central Park; and a private restaurant by starred chef Daniel Boulud – Boulud Privé.
About Northwind Group
Northwind Group is a real estate private equity firm with offices in manhattan and Cleveland which has transacted over $3.0 billion in debt and equity investments spanning a portfolio of over 100 properties and nearly 6M square feet. Northwind currently manages three discretionary debt funds providing loans for acquisition, bridge, condo inventory, construction, pre-development and land secured by real estate and healthcare.
About Walker & Dunlop
Walker and Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling property owners and operators to bring their vision of communities to life – where Americans live, work, shop and play. The power of our people, our leading brand and our cutting-edge technology make us more insightful and valuable to our customers, delivering an unparalleled experience every step of the way. With over 1,000 employees in all major US marketsWalker & Dunlop has consistently been named one of FortuneThe best places to work® and is committed to making the commercial real estate industry more inclusive and diverse while create meaningful social, environmental and economic change in our communities.
Walker & Dunlop is the third-largest capital provider in the US multifamily market, originating $49 billion transactions in 2021. With one of the strongest networks in the industry, the company’s loans negotiated in 2021 totaled $30 billiona 170% increase over 2020. To learn more about our capital markets funding capabilities and options, visit our website.
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SOURCEWalker & Dunlop, Inc.