Exact Capital and Lam Group secured a $148 million loan from Aareal Capital to refinance a major monument in Harlem, New York. Walker & Dunlop arranged the financing.
Known as The Victoria, it is a 30-story building and the tallest in Harlem. It features more than 23,000 square feet of retail space, a 211-key hotel, 191 luxury rooms, and 52 underground parking spaces.
The planned refinance project surrounds Victoria Theater. It is also close to major retail stores, and transportation hubs. Plus, Walker emphasized “cultural heritage” in the area, which includes the Apollo Theater and Columbia University’s Manhattanville campus.
“We are thrilled to have secured this financing for Lam Group and Exact Capital for The Victoria,” Aaron Appel, senior managing director and co-head of New York Capital Markets at Walker said in a statement.
“This transaction underscores the project’s significance as a transformative development in Upper Manhattan, combining luxury living, hospitality excellence, and cultural preservation.”
Keith Kurland, Jonathan Schwartz, Appel, Ari Hirt, Adam Schwartz, and William Herring, who all led Walker’s capital markets team, were the exclusive advisors to the clients.
The proceeds from the loan will fund operations and future improvements for The Victoria.
The move by Walker follows the significant capital it grabbed in 2023, securing almost $12 billion from non-agency providers.