BETHESDA, Md.--(BUSINESS WIRE)--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.
Walker & Dunlop Capital Markets Institutional Advisory served as exclusive advisor to joint venture partners, SK Development and Kinsmen Property Group. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, and Sean Bastian arranged the floating rate, interest only loan through Ironsand.
“The East Village combines exceptionally limited new housing supply with sustained renter demand, creating compelling fundamentals for a project of this caliber,” said 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. 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.”
The proposed 17-story development will include two adjoining Class A residential buildings. 37 residences will be designated as affordable for households earning 80% or less of area median income (AMI). Residents will have access to a comprehensive amenity program that includes a fitness center, yoga studio, sauna, cold plunge, golf simulator, coworking space, resident lounge and curated common terraces. The ground-floor retail space will feature prominent Third Avenue frontage, visibility and pedestrian traffic suited to food and beverage and service-oriented tenants.
“50 Third Avenue is positioned to become a marquee luxury multifamily development in a submarket that continues to attract institutional investment,” said 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.”
Located in Manhattan’s East Village, 50 Third Avenue benefits from one of New York City’s most supply-constrained markets. The submarket had a vacancy rate of approximately 2.0% and average asking rents of approximately $5,440 per month as of June 2026, underscoring strong demand for housing in the neighborhood. The property also benefits from its proximity to New York University, major Manhattan employment centers and the East Village’s extensive dining, retail, entertainment and transportation options.
“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,” said 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.”
In the first half of 2026, Walker & Dunlop’s Capital Markets team sourced over $13.9 billion from non-Agency capital providers, including nearly $9.6 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.