Affinius Capital Supplies $79M Construction Loan for Upper East Side Apartments
By Andrew Coen December 12, 2024 11:19 am
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Alchemy-ABR Investment Partners has nabbed $79 million of construction financing to build a multifamily development on Manhattan’s Upper East Side, Commercial Observer has learned.
Affinius Capital provided the loan for the developer’s planned 45-unit apartment project at 288 East 88th Street, slated for completion in late 2026.
“In a market where luxury, purpose-built, 100 percent free-market properties are rare, this Upper East Side development is poised to fill a critical void,” David Greenburg, managing director at Affinius Capital, said in a statement. “The project’s carefully curated amenity offerings and premium finishes position it to capture sophisticated renters seeking an elevated living experience in this coveted neighborhood.”
Walker & Dunlop arranged the transaction with a New York capital markets team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Mo Beler and Sean Bastian.
Located at the intersection of 88th Street and Second Avenue, the 26-story building will have amenities that include a fitness center, a multipurpose sport court, a children’s playroom, a media/gaming room, coworking space and a roof terrace.
Officials at Alchemy-ABR Investment Partners and Walker & Dunlop did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
