Walker & Dunlop announced that it facilitated $128 million in financing for the acquisition of nine Manhattan properties, all located within a two-block stretch of Manhattan's East Village neighborhood.
The Walker & Dunlop New York Capital Markets team acted as exclusive advisors to longtime client RYCO Capital. Derby Copeland Capital provided the interest-only floating rate bridge loan.
The nine properties are located alongside Second Avenue between St Marks and East 10th Street. They total 153,800 square feet and consist of 171 residential units and 22 retail units.
With a submarket vacancy rate of just 1.5 percent, the portfolio is positioned to leverage a significant supply-demand imbalance in the area. The properties are also close to New York University and surrounded by restaurants, hotels, nightlife and transportation.
