SL Development has secured a $53.5 million loan for the purchase of a development site where it will build a 90,000 square foot mixed use building in Brooklyn’s Williamsburg neighborhood. Located on the corner of Metropolitan Avenue and Graham Avenue at 722 Metropolitan Ave., the original building on the property served as an umbrella factory. Plans for the new scheme call for 69 luxury condominiums offering 18 parking spaces and approximately 20,000 sqf of ground floor retail space. Construction is expected to begin this month with completion slated for July 2019. Madison Realty Capital provided the first mortgage loan for the acquisition and construction of the property.
“This was an attractive financing opportunity for MRC,” Josh Zegen, MRC’s managing principal, said. “Our substantial investment experience throughout the New York City market allowed us to quickly understand the borrower’s needs and provide a single source of financing. We believe the borrower has acquired a prime site in a great location that will generate strong interest when completed.”
