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Walker & Dunlop Arranges $109MM Construction Financing for Multifamily Development

March 18, 2024, 07:00 AM
Filed Under: Real Estate

Walker & Dunlop 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.

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.

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