Walker & Dunlop (W&D) announced the $420 million recapitalization of Hub, a trophy 750-unit, high-rise multifamily building located in downtown Brooklyn.
The Walker & Dunlop Capital Markets team acted as exclusive advisors to Steiner NYC, successfully enabling them to buy out their equity partner, J.P. Morgan Asset Management.
The Walker & Dunlop team advised Steiner on the recapitalization and also arranged $62.5 million of preferred equity from Meadow Partners to support the purchase. This move solidifies Steiner’s full control of Hub, marking a strategic shift in the ownership structure of one of Brooklyn’s best-in-class, high-rise residential buildings.
Developed by Steiner, Hub, at 55 stories, was the tallest building in Brooklyn upon completion in 2018. The tower, at 333 Schermerhorn St., offers studio, one- and two-bedroom rentals with stunning views of New York Harbor, the Manhattan skyline, and multiple bridges. Hu
