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Kinsmen Property and SK Development plan 184 rentals at 50 Third Ave

The East Village project would set aside 20.0% of units, or 37 apartments, as permanently affordable, and the joint venture secured $203.5 million in construction financing.

Reported · Written up by our desk · Residential

Kinsmen Property Group and SK Development have finalized plans for a multifamily project at 50 Third Avenue in Manhattan’s East Village, following a land use application filed with the city’s Department of City Planning, Commercial Observer reports.

The joint venture plans to build 184 rental apartments plus ground-floor retail near the corner of Third Avenue and East 11th Street, with about 20.0% of units, or 37 apartments, designated as permanently affordable.

Commercial Observer also reports that the partners secured $203.5 million in construction financing for the development, with Walker & Dunlop arranging a floating-rate, interest-only loan through Ironsand for the JV.

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