Steiner NYC has struck a $420 million recapitalization of a downtown Brooklyn multifamily property known as the Hub.
As part of the deal, the developer will fully take over the 750-unit asset by executing a buying out of its equity partner, J.P. Morgan Asset Management. In addition, the acquisition is backed by a $62.5 million preferred equity from Meadow Partners.
Walker & Dunlop advised Steiner, arranged Meadow's stake, and the financing for the recap. JLL brokered the transaction on behalf of the seller, which consists of the joint venture between Steiner and J.P. Morgan.
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