Brooklyn Project Lands $38M Loan
- Jun 19, 2019
A joint venture of BNS Real Estate and Wonder Works Construction Corp. has scored a $38 million loan for the ground-up construction of an 80-unit residential property in the Greenpoint neighborhood of Brooklyn, N.Y. Completion of the property, located at 30 Kent St., is scheduled to take roughly two years.
Jonathan Aghravi of JBA Equities originated the loan and, along with Charles Han, represented the borrower. The financing was provided by M&T Bank, which offered competitive terms, according to a prepared statement by Aghravi.
The 11-story, 86,067-square-foot project will deliver 56 market-rate units and 34 affordable units, as well as 4,828 square feet of retail space and 34 parking spaces for tenants. All units will feature open layouts that optimize natural light and living-room ceiling heights of over 9 feet. The new community will include a laundry room, gym, indoor/outdoor lobby, and rooftop community room.
Located adjacent to WNYC Transmitter Park, the property will have waterfront views of the Manhattan skyline, with access to neighborhood amenities including ferry and subway transportation into Manhattan and various dining and nightlife options.
The development venture is led by Bradford Barr and Mark Brookes of BNS Real Estate and Eric Brody and Joseph Klaynberg of Wonder Works Construction Corp. Elsewhere in Greenpoint, which is just south of Long Island City, Queens, Brookfield Properties and Park Tower Group are building the 359-unit rental community One Blue Slip.