Walker & Dunlop, Inc. announced today that it arranged a $110,000,000 loan to facilitate the construction of 880 Atlantic Avenue, a 246-unit Class-A multifamily development in Prospect Heights, Brooklyn.
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. The team identified QuadReal Property Group as the lender to secure the construction loan. Loan proceeds will be used to fund ongoing development costs.
The repeat client, EMP Capital Group, has deep involvement in the neighborhood and is also developing 1034-1042 Atlantic Avenue, a 247-unit project that Walker & Dunlop also financed in March 2024 for $109 million.
"We are delighted to partner once more with the New York Capital Markets team," stated Elie Pariente of EMP. "Their collective expertise and strong relationships provided us with a seamless process that guided financing to completion. 880 Atlantic Avenue will undoubtedly be a significant addition to Brooklyn's multifamily landscape, offering residents an unparalleled living experience in one of the city's most dynamic neighborhoods."
880 Atlantic Avenue embodies luxury living, boasting convenient access to transportation and proximity to both Prospect Park and Fulton Mall. In a neighborhood characterized by limited supply of modern mixed-use properties, the introduction of a mix of studio, one, and two-bedroom apartments is anticipated to ignite demand and elevate rental rates.
"We're thrilled to enable yet another endeavor in the thriving heart of Brooklyn,” said Keith Kurland, senior managing director and co-head of New York Capital Markets at Walker & Dunlop. “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.”
Located in Prospect Heights, 880 Atlantic is perfect for professionals, families, and urbanites who seek everything from cultural venues to retail outlets. With ample transportation options nearby and upscale shops and dining, residents are attracted to its central position. Moreover, Atlantic Terminal, Brooklyn's largest train station, is just a short stroll away, offering access to LIRR rail lines, 13 subway lines, and over 850,000 square feet of retail space.
Additionally, the development's nearly 13,000-square-foot commercial space benefits from prime frontage along Atlantic Avenue, a major retail corridor. Nearby Atlantic Center and Atlantic Terminal Mall, , draw substantial foot traffic, with over 110,000 commuters passing through daily. Proximity to Pacific Park, City Point, and Fulton Street Market further enhances the area's appeal, attracting significant daily foot traffic and retail shoppers.
In 2023, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $12 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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