QuadReal Lends $110M on Prospect Heights Apartments Project
By Andrew Coen May 13, 2024 4:29 pm
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EMP Capital has nabbed $110 million of construction financing to build a multifamily asset in Brooklyn’s Prospect Heights neighborhood, property records show.
QuadReal Property Group provided the loan through its QR Real Estate Capital REIT entity for EMP’s planned 246-unit apartment project at a former development site at 870-888 Atlantic Avenue. EMP Capital acquired the parcel late last year from developer Nikolaos Nikolaidis for $25.6 million, PincusCo reported at the time.
Walker & Dunlop’s Keith Kurland and Jordan Casella arranged the transaction.
“The project will deliver market rate and affordable housing to the Brooklyn market and with EMP’s adept ownership and management of neighboring properties, we’re confident in the project’s promising future,” Kurkland said in a statement.
The development site is three blocks from another multifamily project EMP Capital is currently developing at 1034-1042 Atlantic Avenue with 193 units, for which QuadReal supplied a $109 million construction loan in March.
Elie Pariente, principal and founder of EMP Capital, said the 17-story 870-888 Atlantic Avenue development is slated for completion in around two years and will also include a supermarket on the ground floor.
“We’re strong believers in this neighborhood and I believe that the demand will be quite strong,” Pariente said. “We know the area well and are happy to proceed forward with this lender.”
The New York City Council approved both of EMP Capital’s Atlantic Avenue projects in May 2022 and agreed to set aside 35 percent of the future building’s units for affordable housing.
QuadReal declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
