Walker & Dunlop Secures $300M Refinancing for Prime Manhattan Mixed-Use Asset
Event summary
- $293.2M fixed-rate permanent debt refinancing arranged for 40 Tenth Avenue in Manhattan’s Meatpacking District.
- 158,957-square-foot mixed-use property includes 112,241 sq ft of office space and 46,716 sq ft of retail space.
- Hyundai Motor occupies entire retail component; office tenants include Starwood Capital Group and Checkout.com.
- Walker & Dunlop’s Capital Markets team sourced over $22B from non-Agency capital providers in 2025.
The big picture
This refinancing underscores the resilience of Manhattan’s supply-constrained office and retail markets, particularly in amenity-rich submarkets like the Meatpacking District. Walker & Dunlop’s ability to secure $293.2M in non-Agency capital highlights the continued appetite for well-located, mixed-use assets, even as broader office market dynamics remain in flux. The deal also reflects the firm’s growing influence in arranging large-scale commercial real estate financings outside traditional agency channels.
What we're watching
- Capital Markets Demand
- How sustained demand for high-quality Manhattan office and retail space will affect refinancing terms for similar properties.
- Non-Agency Capital
- Whether Walker & Dunlop can maintain its $22B+ annual non-Agency capital sourcing pace amid shifting market conditions.
- Urban Office Recovery
- The pace at which prime Manhattan office submarkets like the Meatpacking District regain pre-pandemic occupancy and rental rates.