Walker & Dunlop arranges $204m for mixed-use property in Brooklyn

Walker & Dunlop has secured $204 million in loan proceeds from MF1 Capital to refinance The Axel, a 29-story mixed-use multifamily and commercial asset with 284 multifamily units located at 550 Clinton Ave. and 539 Vanderbilt Ave. in Brooklyn, N.Y.

"The Axel represented an opportunity to refinance a top-tier development project rapidly approaching completion for an institutional-quality sponsorship team," said Aaron Appel, senior managing director and co-head of New York capital markets at Walker & Dunlop. "Having already leased a portion of the multifamily tower with tenants, Hope Street was able to provide lenders with an early proof of concept in a challenging market environment."

Situated on the border of downtown Brooklyn at the convergence of Clinton Hill, Fort Greene and Prospect Heights, The Axel is located in an ideal neighborhood for working professionals and families alike, providing access to an abundance of culture, dining and shops. Residents and