Walker & Dunlop has arranged a $110 million loan for 880 Atlantic Avenue, a 246-unit Class-A multifamily development in Prospect Heights, Brooklyn. QuadReal Property Group served as the lender. The loan will fund ongoing construction costs.
The Walker & Dunlop New York 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.
“Situated just down the street from 1034 Atlantic, another recent project, 880 Atlantic Avenue stands poised for success. The project will deliver market rate and affordable housing to the Brooklyn market and with EMP’s adept ownership and management of neighboring properties, we’re confident in the project’s promising future,” said Kurland, senior managing director and co-head of New York Capital Markets at Walker & Dunlop.
Prospect Heights offers a vibrant mix of old and new Brooklyn. Often referred to as a fallback for people unable to afford Park Slope, the area has recently become known for its own unique personality – as well as its rising real estate value. The commercial strips of Vanderbilt and Washington Avenues offer a mix of bodegas and inveterate neighborhood standbys next to a new spate of hipster-centric bars and restaurants. Turn down any side street, however, and you can encounter gorgeous old brownstones surrounded by quiet greenery.
Walker & Dunlop, headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
