Walker & Dunlop, Inc. has arranged a $203,500,000 construction loan for a new mixed-use multifamily project planned at 50 Third Ave. in Manhattan’s East Village. The financing will support the ground-up development of a 17-story property at the intersection of 11th Street and Third Avenue, a location that combines established neighborhood density with consistent pedestrian traffic.
The planned project will deliver 184 residential units across two adjoining Class A buildings. According to the parties involved, the residential component is designed as multifamily housing, with a portion reserved as affordable inventory. Thirty-seven of the apartments will be designated for households earning 80% or less of the area median income, adding income-restricted housing to a neighborhood where new supply has been limited.
In addition to the residential space, the development will incorporate 12,529 square feet of ground-floor retail. The retail component will benefit from prominent frontage along Third Avenue, which is expected to provide strong visibility and exposure to steady foot traffic. The combination of multifamily units and street-level retail aligns the project with mixed-use activity patterns in the East Village and broader Manhattan core.
A Walker & Dunlop Capital Markets Institutional Advisory team arranged the financing on behalf of joint venture partners SK Development and Kinsmen Property Group. The advisory team included Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Sean Bastian. The loan was structured as a floating rate, interest-only facility, and was provided by Ironsand. No additional loan terms were disclosed.
The financing is intended to advance the construction of the two-building, Class A residential project, positioning it to bring both market-rate and affordable units to the East Village once completed. With 37 apartments reserved for income-restricted households, the building will introduce a measurable affordable housing component alongside its market-rate offering. The sizable retail allocation at the base is designed to leverage the corridor’s established commercial activity.
Commentary from the Walker & Dunlop team emphasized the interplay between constrained new housing deliveries and steady renter demand in the East Village. Aaron Appel noted that the neighborhood’s limited pipeline of new multifamily product, combined with durable demand drivers, supports the investment thesis for this type of ground-up development. The arranged capital stack, anchored by Ironsand’s construction loan, provides the joint venture with funding to move the project from planning into active development.
