Walker & Dunlop, Inc.’s New York Capital Markets team announced today that it structured approximately $388.4 million in financing from Bank of America for The Brook, a development consisting of 448,000 rentable square feet of luxury, mixed-use multifamily and retail space located at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue in Downtown Brooklyn. The unique bookending development is located next to some of Brooklyn’s most popular thoroughfares, just steps from the Fulton Mall, and a 5-minute walk from the Barclays Center.
Walker & Dunlop’s New York Capital Markets team including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Sean Bastian was retained by Witkoff and Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI), which is managed by an affiliate of Apollo Global Management to arrange the financing for the construction of The Brook. The property will be split between two development sites with the larger “Eastern Site” at 565 Fulton Street and the “Western Site” at 547-557 Fulton Street.
The Eastern Site consists of a 51-story mixed-use tower that will feature 591 thoughtfully designed studio, one-and two-bedroom apartments utilizing the Affordable New York (“ANY”) and Inclusionary Housing (“IH”) programs and over 30,000 square feet of amenity space. Residents will have access to a plethora of indoor and outdoor amenities including an outdoor pool with cabanas, dog run park, a state-of-the-art fitness center, a half basketball court and multiple resident lounges. The Eastern Site also offers over 17,200 square feet of above ground retail space at the base of the building.
“As one of the most highly-coveted development sites within Downtown Brooklyn, The Brook represented a once-in-a-generation opportunity to develop an unparalleled mixed-use project at the focal point of Downtown Brooklyn’s ongoing development boom,” said Aaron Appel of Walker & Dunlop. “Having played a part in financing nearly 35% of Downtown Brooklyn’s recent developments, we are proud to add this one to the list.”
The impressive jewel-box retail site on the Western parcel will offer nearly 14,000 square feet of retail space next to Albee Square. With a commanding presence overlooking the public area, the retail space is poised to attract the most high-quality brands looking to establish or strengthen their foothold in Brooklyn. The prime location between Fulton Street and Dekalb Avenue will allow for prospective retailers to adorn the façade of what will become the most desirable single-tenant retail space in Downtown Brooklyn. Witkoff and ARI’s ability to activate the unique two parcel development site ensures the future success of The Brook as the surrounding neighborhood continues to benefit from tremendous population and employment growth.
Walker & Dunlop’s Capital Markets team has deep relationships with more than 350 capital sources across the country including banks, insurance companies, finance companies, alternative lending sources, and commercial mortgage-backed securities (CMBS) conduits. In 2021, the Capital Markets segment sourced over 1,300 loans and equity investments totaling nearly $30 billion from non-GSE capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s diverse 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 in the United States, enabling real estate owners and operators to bring their visions of communities — where people live, work, shop and play — to life. Our people, brand, and technology make W&D one of the most insightful and customer-focused firms in our industry. With over 1,400 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.