Deutsche Bank Provides $149M Refi on Brooklyn Navy Yard Development
By Andrew Coen November 26, 2024 11:32 am
reprints
Developer Steiner NYC has landed a $148.5 million loan to refinance a mixed-use property in the Brooklyn Navy Yard.
Deutsche Bank (DB) supplied the bridge loan on Steiner’s Admirals Row development that opened in 2021 where 19th century houses once stood. The 8-acre property at 18 Bay Street includes New York City’s first Wegman’s supermarket and more than 350,000 square feet of creative manufacturing space master-leased to the Brooklyn Navy Yard Development Corporation.
“The ongoing redevelopment of the historic Brooklyn Navy Yard, particularly with the construction of Admirals Row, has brought thousands of new jobs and services to the community,” Doug Steiner, chairman of Steiner NYC, said in a statement.
The New York Post first reported the loan.
Walker & Dunlop arranged the transaction with a capital markets team led by Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Diaz and William Herring.
Located at one block from the Brooklyn-Queens Expressway and near the Brooklyn Bridge, the sprawling Brooklyn Navy Yard consists of more than 450 businesses and generates in excess of $2 billion annually in economic impact to New York City, according to W&D. One of the largest businesses in the Navy Yard is Steiner Studios, said to be the biggest TV and movie production complex outside of Hollywood.
“The Brooklyn Navy Yard has long been the economic heart of Brooklyn,” Jonathan Schwartz, senior managing director and co-head of New York capital markets at W&D, said in a statement. “Their ownership and operation of Steiner Studios in the Brooklyn Navy Yard further highlights their dedication to fostering growth and innovation in the community.”
Deutsche Bank declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
