Affinius Capital LLC today announced that it has originated a $79 million loan to Alchemy-ABR Investment Partners to finance the ground-up development of 288 East 88th Street, a 45-unit luxury multifamily building located in New York’s Upper East Side neighborhood.
288 East 88th Street is a planned, 26-story premium residential building that will offer 45 luxury units ranging from one to five bedrooms. Slated for completion in late 2026, the Class A development will feature multi-floor amenities including a fitness center, multipurpose sport court, children’s playroom, media/gaming room, coworking/conference space, and a landscaped roof terrace.
Situated on the southwest corner of 88th Street and 2nd Avenue, most units in the light filled building will provide views of the New York City skyline. The site will be accessible via nearby subway stations on 86th Street, allowing for easy access to Midtown and Downtown Manhattan via the Q, 4, 5, and 6 train lines.
Affinius Capital Managing Director David Greenburg commented, “We are grateful to partner once again with Alchemy and provide construction financing for their newest development in New York City. In a market where luxury, purpose-built, 100% free-market properties are rare, this Upper East Side development is poised to fill a critical void. 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’s New York Capital Markets team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Mo Beler, and Sean Bastian represented Alchemy-ABR Investment Partners in the transaction.
About Affinius Capital LLC
Affinius Capital® (previously known as USAA Real Estate and Square Mile Capital Management) is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $64 billion in gross assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit to its trusted partners and on behalf of its institutional clients globally. For more information, visit www.affiniuscapital.com.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
