Walker & Dunlop Arranges $109 Million Construction Financing for Brooklyn Multifamily Development
18 März 2024 - 11:30AM
Business Wire
Walker & Dunlop, Inc. announced today that it structured
$109,000,000 in construction financing for the development of
1034-1042 Atlantic Avenue, a to-be-constructed, 247-unit Class-A
multifamily development located on two conjoining parcels creating
a cross-block lot between Atlantic Avenue and Pacific Street in
Brooklyn, New York.
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1034-1042 Atlantic Avenue in Crown
Heights, Brooklyn. (Photo: Business Wire)
The Walker & Dunlop Capital Markets team, led by Keith
Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan
Casella and William Herring acted as exclusive advisors to EMP
Capital Group. The team identified QuadReal Property Group as the
lender to secure the five year, interest-only construction loan.
Loan proceeds will be used to repay the existing debt and fund
ongoing development costs.
"Meticulously designed with floorplans that optimize all
available square footage, 1034-1042 Atlantic Avenue's two towers
have been carefully crafted to pair a diverse, fair market and
affordable residential unit mix with desirable project-level
amenities," said Elie Pariente of EMP. "We are thrilled to have
worked alongside the knowledgeable team at Walker & Dunlop and
appreciate their strong relationships aided in a seamless financing
process that will guide this project through successful
completion."
The fully entitled and approved development includes a diverse
mix of 45 studios, 11 studio alcoves, 95 one-bedroom, 44
one-bedroom and home offices, 49 two-bedroom, and three two-bedroom
and home office units across approximately 161,000 rentable square
feet alongside nearly 11,000 rentable square feet of above-grade
retail. Amenities include a tenant lounge, business center,
screening room, karaoke room, golf simulator, game room, multiple
party rooms, kids' rooms, social lounges, and a nearly 2,000 square
foot state-of-the-art fitness center.
"We are thrilled to once again work with EMP Capital Group as
they move forward with construction on this market-leading project
in a prime location of Prospect Heights," said Keith Kurland,
senior managing director and co-head of New York Capital Markets at
Walker & Dunlop. "The project’s thoughtful unit mix and unique
design will ensure its successful lease-up and strong future
performance upon completion."
1034-1042 Atlantic Avenue will represent an exceptional
development along one of Brooklyn's main thoroughfares, offering
immediate transit accessibility and access to some of Brooklyn's
central shopping districts in Fulton Street Mall, attracting over
100,000 shoppers a day.
In 2023, Walker & Dunlop’s Capital Markets group sourced
capital for transactions totaling nearly $12 billion from
non-Agency capital providers. This vast experience has made them a
top adviser on all asset classes for many of the industry’s top
developers, owners, and operators. To learn more about Walker &
Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
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version on businesswire.com: https://www.businesswire.com/news/home/20240318925761/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
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