EMP Secures $109M Construction Loan for Brooklyn Apartment

EMP Capital Group has secured $109 million in construction financing to develop two multifamily towers in Brooklyn. Located at 1034-1042 Atlantic Avenue, the site consists of two conjoining parcels creating a cross-block lot between Atlantic Avenue and Pacific Street

QuadReal Property Group provided the five year, interest-only construction loan for the 247-unit project.

The Walker & Dunlop 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.

Loan proceeds will be used to repay the existing debt and fund ongoing development costs.

The fully entitled and approved development will house 45 studios, 11 studio alcoves, 95 one-bedroom, 44 one-bedroom and home offices, 49 two-bedroom, and three two-bedroom and home office units across 161,000 square feet that includes nearly 11,000 square feet of above-grade retail.

Net Lease Spring:

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Multifamily Spring:

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