Bruman Realty has secured $45.8m loan from real estate private equity firm Madison Realty Capital for the construction of a new mixed-use development in New York, US.
Located at 296 Wythe Avenue in Brooklyn, the new development will include 55 studio and one-bedroom units and 12,200ft2 of ground floor retail.
It will also feature a roof deck, 26 parking spaces, and 11,500ft2 of below-ground retail space.
Madison Realty Capital stated that the 47 of the total 55 units will have private terraces.
It also noted that about 30% of the residences will be part of the Affordable New York programme.
The multifamily residences will feature granite countertops, dryers, washers, stainless steel appliances, and hardwood floors.
Madison Realty Capital managing principal and co-founder Josh Zegen said: “Williamsburg has become an iconic neighbourhood in New York City, offering culture, modern retail amenities, easy commutes, and affordability relative to Manhattan.
“Madison has significant experience working with Bruman Realty on projects throughout New York City, and we are pleased to work with their expert team again to deliver a mixed-use luxury property in a neighbourhood with strong demand for high-quality living options.”
The SHB Group arranged the transaction.
In April last year, the company agreed to offer a $26m loan for the development of a mixed-use project in Brooklyn, New York.
The 73,519ft2 development was planned to be constructed at 1520 Fulton Street in Brooklyn’s Bedford-Stuyvesant neighbourhood and will include 49 residential units.
The funding will be utilised to complete construction of a 55-unit mixed use development in New York. Credit: Hands off my tags! Michael Gaida from Pixabay.