NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit multifamily project that will be located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. The borrower is locally based developer EMP Capital Group.
The development will consist of two adjoining buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. Units will come in studio, one-, two- and three-bedroom floor plans. Levels of income restrictions for the affordable housing component of the property have not yet been fully determined.
More specifically, the unit mix will comprise 45 studios, 11 studio alcoves, 95 one-bedroom apartments, 44 one-bedroom residences with home offices, 49 two-bedroom units and three two-bedroom units with home offices.
Amenities will include a tenant lounge, business center, screening room, karaoke room, golf simulator, game room, multiple party rooms, kids’ playrooms, social lounges and a nearly 2,000-square-foot fitness center. The property will also feature ground-floor retail space.
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. Completion is scheduled for 2025.
“Meticulously designed with floor plans that optimize all available square footage, 1034-1042 Atlantic Avenue’s two towers have been carefully crafted to pair a diverse, fair market and affordable residential unit mix with desirable project-level amenities,” says Elie Pariente, principal and founder of EMP Capital Group.
— Taylor Williams