Dolfin Delivers $23 Million Tenant Improvement Lease to Applied Underwriters, Enhancing Headquarters at NYC’s Iconic Rockefeller Center
December 11, 2024
NEW YORK, NY (December 10, 2024) — Dolfin, a financial technology firm pioneering innovative tenant improvement financing solutions, has announced the successful completion of a $23 million tenant improvement (TI) lease for Applied Underwriters, Inc. The lease supports Applied Underwriters’ investment in its state-of-the-art headquarters, located at the iconic Rockefeller Center in New York City.
This innovative financial solution enables Applied Underwriters to optimize their cutting-edge, multi-floor, 36,000+ square foot workspace, enhancing functionality and design while retaining capital for strategic opportunities.
The $23 million financing is structured as a fully-amortizing, 12-year, credit-based lease, reimbursing Applied Underwriters’ entire TI investment in cash. The transparent and fixed-rate payment structure allows the company to bolster their core operations by converting a non-income-generating asset into cash on hand.
“Dolfin was a pleasure to work with. Their process was streamlined, resulting in a quick close. The Dolfin Lease allowed us to monetize 100% of the in-place leasehold improvements at our NYC headquarters and reinvest the proceeds in higher earning assets,” said James Davenport, Chief Financial Officer, Applied Underwriters.
“Applied Underwriters was an ideal partner and a perfect example of the Dolfin TI Lease’s wide-ranging capabilities. Our ability to refund capital already spent on tenant improvements creates opportunities for measurable growth and increased returns on investments,” said Keely Ryder, Co-Founder of Dolfin.
Dolfin delivers unparalleled value to tenants with its revolutionary financing product. The Dolfin TI lease is a game-changer for businesses looking to fund tenant improvements while investing in world-class spaces.
About Dolfin
Dolfin is a financial technology firm pioneering innovative tenant improvement financing solutions across the commercial real estate industry. With decades of expertise and nearly $750M in historic credit-tenant lease closures, Dolfin provides a streamlined process and expedited execution timeline for landlords and tenants seeking cost-efficient alternatives for space enhancements.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.
