Walker & Dunlop Arranges $163 Million Loan for Revitalized Manhattan Mixed-Use Property
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A permanent loan is long-term financing used to pay off short-term or construction loans and remain in place for the life of an asset, typically with regular scheduled payments and a fixed or variable interest rate. Investors care because it determines long-term cash flow, borrowing costs, and the stability of a project—think of swapping a short emergency loan for a steady mortgage that sets predictable monthly obligations and risk levels.
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BETHESDA, Md.--(BUSINESS WIRE)--
Walker & Dunlop, Inc. announced today that it arranged a $163,427,059 permanent loan to refinance 122 Fifth Avenue, a 278,000-square-foot, Class A mixed-use office and retail property located in Manhattan’s Flatiron District.
122 Fifth Avenue. Photo Credit: Bromley Companies
Walker & Dunlop Capital Markets Institutional Advisory arranged the loan on behalf of Bromley Companies, longtime owner and developer of the property. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jordan Casella, Christopher de Raet, and Jack Krentzman, arranged the fixed-rate, interest only financing from Helaba Bank and Deka-Bank. The loan will refinance the existing debt on the property.
Recently revitalized through a $107 million capital improvement program, 122 Fifth Avenue has been transformed into a landmark loft office tower with modern amenities and upgraded infrastructure. The building now holds WiredScore Gold and LEED certifications and features expansive floor plans, dual lobbies, state-of-the-art systems, and a rooftop pavilion with sweeping Midtown Manhattan views. Anchored by Microsoft and Chime under long-term leases, the property demonstrates strong demand for premium, well-located office assets.
“Bromley Companies’ strategic reinvestment in 122 Fifth Avenue has elevated the building into one of Midtown South’s premier mixed-use assets,” said Appel, senior managing director at Walker & Dunlop. “This transaction underscores the continued demand for fully modernized, best-in-class office properties. This property is a top destination for leading technology, media, and creative firms shaping the Midtown South market.”
Located between West 17th and 18th Streets, 122 Fifth Avenue offers tenants immediate access to Union Square, Madison Square Park, and a variety of transit options. A three-minute walk from Union Square Station connects to multiple subway lines and bus routes, while the 14th Street & 6th Avenue Station provides F, M, L, and PATH trains to New Jersey. The property is steps from premier parks, top-tier restaurants, and lifestyle amenities, and is surrounded by a dense concentration of innovative and established corporate neighbors within a ten-minute walk, enhancing its appeal to leading tenants.
In 2024, Walker & Dunlop’s Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
