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Walker & Dunlop Arranges $203M Financing for East Village Multifamily
Walker & Dunlop, Inc. has arranged $203,500,000 in construction financing for the development of 50 Third Ave., a 184-unit mixed-use multifamily development with 12,529 square feet of ground-floor retail at the crossroads of 11th Street and Third Avenue in Manhattan’s East Village. A Walker & Dunlop Capital Markets Institutional Advisory team of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Sean Bastian arranged the floating rate, interest only loan through Ironsand on behalf of joint venture partners SK Development and Kinsmen Property Group.
“The East Village combines exceptionally limited new housing supply with sustained renter demand, creating compelling fundamentals for a project of this caliber,” said Appel.
The proposed 17-story development will include two adjoining Class A residential buildings. Thirty-seven units will be designated as affordable for households earning 80% or less of area median income. The ground-floor retail space will feature prominent Third Avenue frontage, visibility and pedestrian traffic.
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