Walker & Dunlop Inc. (NYSE: WD), the Bethesda, Maryland-headquartered commercial real estate finance and advisory service firm, announced it has structured $109 million in construction financing for the development of 1034-1042 Atlantic Ave., a to-be-constructed, 247-unit Class-A multifamily development in Brooklyn, New York.
The property will be located on two conjoining parcels creating a cross-block lot and will encompass a 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. The complex will also include nearly 11,000 rentable square feet of above-grade retail. Amenities will 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.
QuadReal Property Group was the lender that originated the five-year, interest-only construction loan. Loan proceeds will be used to repay the existing debt and fund ongoing development costs.
“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.”
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