Walker & Dunlop Arranges $100 Million+ Construction Loan for Multifamily Project in Brooklyn
May 20 2024 - 6:30AM
Business Wire
Walker & Dunlop, Inc. announced today that it arranged a
$110,000,000 loan to facilitate the construction of 880 Atlantic
Avenue, a 246-unit Class-A multifamily development in Prospect
Heights, Brooklyn.
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880 Atlantic Avenue (Photo: Business
Wire)
The Walker & Dunlop New York 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 construction loan. Loan proceeds will be
used to fund ongoing development costs.
The repeat client, EMP Capital Group, has deep involvement in
the neighborhood and is also developing 1034-1042 Atlantic Avenue,
a 247-unit project that Walker & Dunlop also financed in March
2024 for $109 million.
"We are delighted to partner once more with the New York Capital
Markets team," stated Elie Pariente of EMP. "Their collective
expertise and strong relationships provided us with a seamless
process that guided financing to completion. 880 Atlantic Avenue
will undoubtedly be a significant addition to Brooklyn's
multifamily landscape, offering residents an unparalleled living
experience in one of the city's most dynamic neighborhoods."
880 Atlantic Avenue embodies luxury living, boasting convenient
access to transportation and proximity to both Prospect Park and
Fulton Mall. In a neighborhood characterized by limited supply of
modern mixed-use properties, the introduction of a mix of studio,
one, and two-bedroom apartments is anticipated to ignite demand and
elevate rental rates.
"We're thrilled to enable yet another endeavor in the thriving
heart of Brooklyn,” said Keith Kurland, senior managing director
and co-head of New York Capital Markets at Walker & Dunlop.
“Situated just down the street from 1034 Atlantic, another recent
project, 880 Atlantic Avenue, stands poised for success. The
project will deliver market rate and affordable housing to the
Brooklyn market, and with EMP’s adept ownership and management of
neighboring properties, we’re confident in the project’s promising
future.”
Located in Prospect Heights, 880 Atlantic is perfect for
professionals, families, and urbanites who seek everything from
cultural venues to retail outlets. With ample transportation
options nearby and upscale shops and dining, residents are
attracted to its central position. Moreover, Atlantic Terminal,
Brooklyn's largest train station, is just a short stroll away,
offering access to LIRR rail lines, 13 subway lines, and over
850,000 square feet of retail space.
Additionally, the development's nearly 13,000-square-foot
commercial space benefits from prime frontage along Atlantic
Avenue, a major retail corridor. Nearby Atlantic Center and
Atlantic Terminal Mall draw substantial foot traffic, with over
110,000 commuters passing through daily. Proximity to Pacific Park,
City Point, and Fulton Street Market further enhances the area's
appeal, attracting significant daily foot traffic and retail
shoppers.
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/20240520475524/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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