Weekly Real Estate News
Summary
Walker and Dunlop arranged 203.5 million dollars in floating-rate construction financing for 184 planned Manhattan apartments, including 37 income-restricted units.
Walker & Dunlop has arranged $203.5 million in construction financing for 50 Third Avenue, a planned 184-unit mixed-use apartment development in Manhattan’s East Village. The firm announced the financing on October 12, 2026. The project will include 12,529 square feet of retail.
Ironsand provided a floating-rate, interest-only loan to joint-venture developers SK Development and Kinsmen Property Group. Plans call for two adjoining residential buildings, 12,529 square feet of retail and 37 apartments designated for households earning up to 80% of area median income.
The announcement does not disclose the borrowing spread, maturity or complete development budget. Floating-rate, interest-only construction debt can preserve cash during development, but the expense may change with the benchmark rate. Higher costs or delays could alter project economics before the building begins leasing. Construction completion and tenant occupancy remain ahead. Source: Walker & Dunlop’s announcement.
