At a glance
- Connect CRE identifies the deal team as Walker & Dunlop's Capital Markets Institutional Advisory team and names Aaron Appel among its members.
- Across 184 units, the financing works out to about $1.11 million per apartment.
- The arranged amount is smaller than the jumbo Manhattan construction financings this publication has covered.
Walker & Dunlop has arranged $203.5 million in construction financing for a 184-unit mixed-use apartment development at 50 Third Ave. in Manhattan's East Village, Connect CRE reported on Oct. 13.
The project is planned with 12,529 square feet of ground-floor retail at 11th Street and Third Avenue, according to Connect CRE.
Connect CRE identifies the deal team as Walker & Dunlop's Capital Markets Institutional Advisory team and names Aaron Appel among its members.
Across 184 units, the financing works out to about $1.11 million per apartment.
The arranged amount is smaller than the jumbo Manhattan construction financings this publication has covered. In September, this publication reported that JPMorgan was in talks to lead the loan for Extell's 86-story condo tower on the former ABC site, a $3.8 billion ask, after Vornado secured $3.3 billion for 350 Park Avenue.
East Village deal vs. Manhattan's jumbo construction financings
Construction debt amounts, by project
- Former ABC site tower (in talks)$3.8K
- 350 Park Ave. (secured)$3.3K
- 50 Third Ave., East Village (arranged)$203.5M
Show as table
| Item | Value ($M) |
|---|---|
| 50 Third Ave., East Village (arranged) | $203.5M |
| 350 Park Ave. (secured) | $3.3K |
| Former ABC site tower (in talks) | $3.8K |
Reported by the Real estate debt desk from Connect CRE. Published . Corrections