S
teiner NYC has secured a $148.5 million bridge loan from Deutsche Bank to refinance Admirals Row, an 8-acre mixed-use complex at the Brooklyn Navy Yard. The development, which Steiner built, features six buildings surrounding a Wegmans parking lot and includes 350,000 square feet of light industrial and creative-manufacturing space leased to the Brooklyn Navy Yard Development Corp.

    The loan was arranged by Walker & Dunlop's capital markets team, led by Jonathan Schwartz, who praised Steiner for their commitment to the area. Doug Steiner, chairman of Steiner NYC, said Admirals Row is an "outstanding urban model" and that they're pleased with the refinancing deal in a challenging market.

    The Brooklyn Navy Yard itself has become a hub for 450 diverse businesses employing over 12,000 people, generating more than $2 billion in economic activity for the city. The complex is part of the 300-acre Navy Yard, which was once home to World War II battleship construction.

    Separately, Churchill Asset Management has expanded its lease at RFR Realty's Seagram Building by adding 26,062 square feet on the eighth floor, bringing its total space to 52,124 square feet. The expansion is notable because the new space won't be available until 2026.