Brooklyn Navy Yard developer reaches $150 million refinancing deal for Admirals Row

Steiner NYC, the company that created the Hollywood-inspired Steiner Studios for film and television production, has refinanced another important component of the Brooklyn Navy Yard.

The $148.5 million bridge loan from Deutsche Bank is for Admirals Row, the 8-acre, 696,000-square-foot mixed-use complex that is home to Wegmans and 350,000 square feet of light industrial and creative space, granted leased to the Brooklyn Navy Yard. Yard Development Corp.

Admirals Row, which Steiner developed, includes six buildings located around the Wegmans parking lot. It is part of the city-owned, 300-acre Navy Yard, which has attracted 450 different businesses employing more than 12,000 people to the site where World War II warships were built.

The Navy Yard as a whole is estimated to generate more than $2 billion in economic activity for the city.

The loan was arranged by Walker & Dunlop’s capital markets team, led by Jonathan Schwartz, Aaron Appel, Keith Kurland and Adam Schwartz.

Jonathan Schwartz, senior managing director at Walker & Dunlop, praised Steiner for their “outstanding sponsorship and unwavering commitment to this vital area”.

Steiner NYC Chairman Doug Steiner said, “Admirals Row exemplifies an outstanding urban model for mixed-use development. We are delighted to have partnered with Walker & Dunlop to provide highly favorable refinancing in a difficult market.”

In the latest deal at RFR Realty’s 375 Park Ave., better known as the historic Aby Rosen Seagram building, Churchill Asset Management extended its current 52,124-square-foot lease through 2036 and added an additional 26,062 square feet to the entire eighth floor.

Notably, RFR director of leasing AJ Camhi said the Churchill expansion space isn’t available until 2026. Blue Owl Capital recently took a similar step at Seagram when it expanded there by 70,000 square feet.

“The building is basically 100 percent full,” Camhi said. He noted that Rosen has added to the tower’s appeal with a number of improvements over time, including new outdoor terraces, the leasing of the former Four Seasons restaurant space for The Grill and The Pool and an amenity center for 34,000 tenants called The Playground.

Churchill was represented by Scott Vinett of Savills and Chris Joyner of Fisher Corporate Real Estate. Camhi and Paul Milunec replicated RFR indoors.