1034-1042 Atlantic Ave. in Brooklyn

Walker & Dunlop Arranges $109 Million Construction Loan for 247-Unit Community in Brooklyn

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit project located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the five-year, interest-only loan through QuadReal Property Group. The borrower was EMP Capital Group.

The development will consist of two adjourning buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. The unit mix will include 56 studios, 139 one-bedroom apartments and 52 two-bedroom apartments. Levels of income restrictions for the affordable housing component of the community have not yet been fully determined. The property will also feature ground-floor retail space. Completion is scheduled for 2025.

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