Walker & Dunlop Arranges $203 Million in Financing for East Village Mixed-Use Multifamily Property
Key Highlights
- ➤$203.5 million construction financing arranged for 50 Third Avenue
- ➤50 Third Avenue will deliver 184 multifamily units and 12,529 square feet of retail
- ➤37 residences designated affordable for households earning 80% or less of AMI
- ➤East Village vacancy approximately 2.0%; average asking rents approximately $5,440 monthly
- ➤Walker & Dunlop sourced over $13.9 billion in first-half 2026 capital
Expert Statements
Aaron Appel, Senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop
“The East Village combines exceptionally limited new housing supply with sustained renter demand, creating compelling fundamentals for a project of this caliber.”
Aaron Appel, Senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop
“Vacancy in the neighborhood remains low while proximity to major employment centers and the area’s appeal to young professionals and high-income renters continue to support demand.”
Aaron Appel, Senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop
“This financing provides SK Development and Kinsmen Property Group with the capital needed to bring 50 Third Avenue to market at a time when new housing remains particularly constrained.”
Scott Shnay, Principal at SK Development
“50 Third Avenue is positioned to become a marquee luxury multifamily development in a submarket that continues to attract institutional investment.”
Scott Shnay, Principal at SK Development
“The financing arranged by Walker & Dunlop allows us to execute our long-term vision for the property: delivering thoughtfully designed housing, a substantial affordable component and a high-quality residential experience in one of Manhattan’s most established neighborhoods.”
Brian Renzi, Managing principal at Ironsand
“50 Third Avenue presented an opportunity to finance a well-conceived development backed by an experienced ownership team in a market with significant barriers to new construction.”
Brian Renzi, Managing principal at Ironsand
“The combination of market-rate and affordable housing, thoughtfully designed amenities and a prominent retail component create a differentiated project, and we were glad to support Walker & Dunlop, SK Development, and Kinsmen Property Group through construction and delivery.”
Walker & Dunlop Arranges $203 Million in Financing for East Village Mixed-Use Multifamily Property
Walker & Dunlop, Inc. announced today that it has arranged $203,500,000 in construction financing for the development of 50 Third Avenue, a 184-unit mixed-use multifamily development with 12,529 square feet of ground-floor retail at the crossroads of 11th street and Third Avenue in Manhattan’s East Village.
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