Walker & Dunlop arranged a $203,500,000 construction loan for 50 Third Ave., a 184-unit mixed-use multifamily development in Manhattan's East Village.
The loan is floating rate and interest only, arranged through Ironsand on behalf of joint venture partners SK Development and Kinsmen Property Group. Average asking rents in the submarket were approximately $5,440 per month as of June 2026, with a vacancy rate of approximately 2.0%.
I read the floating rate as the lender's hedge: if short-term rates rise, the lender's return rises with them, but the developer carries the risk.
The ground-floor retail space totals 12,529 square feet with prominent Third Avenue frontage.
Walker & Dunlop's Capital Markets team sourced over $13.9 billion from non-Agency capital providers in the first half of 2026, including nearly $9.6 billion for multifamily properties.
Watch whether the developers lock the rate or refinance before the building stabilizes.