Solow borrows $186.5M from Walker & Dunlop, fourth recent loan for total above $500M

Solow Realty & Development through the entity One East River Place Realty Company II, LLC as borrower signed a loan agreement with lender Walker & Dunlop, LLC valued at $186.5 million for 2 parcels, including the tax class garage with two or more stories (G1) and containing 414 residential units at 523 East 72nd Street, 530 East 73rd Street in the Upper East Side. The deal closed on August 31, 2020 and was recorded on September 17, 2020.

The average loan per unit is $450,483.
The loan package refinances $168 million from 2015 and adds $18.5 million in new debt. This is the fourth loan Walker & Dunlop has recorded as originator for Solow in the past week, bringing in the total to more than $500 million. The loan was assigned to Freddie Mac.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,872,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link