Steiner Our Full Ownership of Hub in Brooklyn Complete
Deal News | Mar 13, 2025 | Meadow Capital Management LLC
Walker & Dunlop has successfully orchestrated a $420 million recapitalization of Hub, a prominent 750-unit high-rise multifamily building in downtown Brooklyn. The innovative financing arrangement, led by Walker & Dunlop's Capital Markets team, involved advising Steiner NYC to secure full ownership from their former equity partner, J.P. Morgan Asset Management. Meadow Partners contributed $62.5 million in preferred equity to support this transaction. This strategic recapitalization enables Steiner NYC to solidify its position in a prized Brooklyn property, transforming the ownership structure in this fast-evolving market. Walker & Dunlop's expertise played a pivotal role in navigating the complex financial restructuring, rendering their value indispensable for completing the deal rapidly. Originally completed in 2018, Hub has been a leading residential landmark in Brooklyn, boasting unprecedented views and prime location advantages. Steiner’s comprehensive legacy in prominent New York real estate developments, alongside their newfound complete ownership, marks a significant enhancement to their distinguished portfolio.
Sectors
- Real Estate
- Financial Services
- Private Equity
Geography
- United States – The recapitalization deal takes place in Brooklyn, New York, which is part of the United States.
- New York – The high-rise building, Hub, is located in Brooklyn, New York, making this geographic classification relevant.
Industry
- Real Estate – The article discusses the recapitalization of a high-rise residential building, which falls squarely within the Real Estate sector.
- Financial Services – The involvement of Walker & Dunlop and Meadow Partners in financing and advisory services indicates a significant aspect of Financial Services.
- Private Equity – The transaction involved a private equity firm, Meadow Partners, providing preferred equity, highlighting the role of private equity in real estate financing.
Financials
- 420 million USD – Total recapitalization value for the Hub building.
- 62.5 million USD – Preferred equity financing provided by Meadow Partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Walker & Dunlop, Inc. | Financial Advisor | Company | A leading commercial real estate finance and advisory firm, providing services that facilitated this transaction. |
| Steiner NYC | Purchaser | Company | The company that achieved full ownership of Hub through the recapitalization, originally developing the building. |
| J.P. Morgan Asset Management | Seller | Company | The former equity partner in Hub, whose share was bought out by Steiner NYC. |
| Meadow Partners | Financing Partner | Company | Provided $62.5 million in preferred equity for the deal, supporting Steiner's acquisition of full ownership. |