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Walker & Dunlop secures $203.5M construction loan for East Village project
The financing supports a 184-unit mixed-use development at 50 Third Ave. with 12,529 square feet of retail space.
Walker & Dunlop, Inc. has arranged $203,500,000 in construction financing for the development of 50 Third Ave., a 184-unit mixed-use multifamily project in Manhattan’s East Village, ConnectCRE reports.
The plan includes 12,529 square feet of ground-floor retail at the crossroads of 11th Street and Third Avenue.
ConnectCRE says the Walker & Dunlop Capital Markets Institutional Advisory team arranged a floating-rate, interest-only loan through Ironsand on behalf of joint venture partners SK Development and Kinsmen Property Group.
ConnectCRE adds that the advisory team highlighted the East Village’s limited new housing supply alongside sustained renter demand as the basis for the project’s fundamentals.