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Location
New York, New York
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Asset Class
Hospitality
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Units
83
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Purpose
Development
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Fund Source
Bank
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Amount
$754,000,000
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Financing
Closed 6/10/2022
The Situation
Walker & Dunlop client, OKO, approached our team looking for financing for its new development at the iconic Crown Building in New York City, the Aman Hotel and Residences. OKO Group, an international real estate development firm is passionate about merging world-class property development with world-class architecture and design.
The Solution
Being the developer’s highly anticipated first urban development in the U.S., many credit companies were excited to finance this property. Our team had to evaluate several options to structure the best financing solution for the Aman Hotel and Residences. Ultimately, our team was able to secure desirable terms through debt financing with JPMorgan Chase. Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz led Walker & Dunlop's team in structuring this deal. This three-year financing consisted of a bridge loan and a condo inventory loan.
“We're excited to have worked with the OKO and Aman teams on this world-class asset. Their unparalleled vision to deliver a seven-star hotel and residences has truly come to fruition.”
Keith Kurland
Senior Managing Director & Co-Head NY Capital Markets // New York, NY
The Results
JPMorgan’s financing resulted in the creation of the Aman residences, two of which are currently on the list of New York’s priciest real estate transactions for 2022, selling for $55 million and $76 million, respectively. 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. The residential portion was almost completely sold out before opening, with the hotel in August 2022. This luxury development is a first of its kind for New York City and its residents have access to Aman’s amenities, including its renowned 25,000-square-foot spa.