The Axel. 550 Clinton Avenue and 539 Vanderbilt Avenue. Image courtesy by Walker & Dunlop

MF1 Capital has provided $204 million in loan proceeds to refinance The Axel, a 284-unit mixed-use multifamily community in Brooklyn, N.Y. Walker & Dunlop Inc. secured the financing on behalf of the sponsor, Hope Street Capital.

In 2020, the property was subject to a $129.3 million construction loan originated by Square Mile Capital Management, according to Yardi Matrix data. The partially affordable community was designed by Morris Adjmi Architects.

The Axel is a 29-story building encompassing studio, one-, two- and three-bedroom floorplans. Common-area amenities include a fitness center, clubhouse, swimming pool and media room. The property also features 60,000 square feet of retail space.

Located at 550 Clinton Ave. and 539 Vanderbilt Ave., the Class A community is near the conjunction of Interstate 278 and Interstate 478. There are multiple dining options, retail spaces and entertainment venues in the area, including the Brooklyn Museum, Prospect Park Zoo and Barclays Center. Atlantic Terminal, Brooklyn’s largest train station, is only 0.7 miles from the property.

Will Trotsky and Michael Squires handled the financing for MF1 Capital. Keith Kurland, Jonathan Schwartz, Aaron Appel, Michael Diaz, Adam Schwartz and Sean Bastian were part of the Walker & Dunlop team that exclusively advised Hope Street Capital.

Walker & Dunlop Inc. has recently secured an $18.5 million loan for a Class A multifamily community in Carrollton, Texas, a Dallas suburb. The firm placed the debt with Fannie Mae on behalf of Frankfurt Properties LLC.

The post Walker & Dunlop Secures $204M Refi Loan for Brooklyn Asset appeared first on Multifamily Real Estate News.

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