Pembrook Capital Management Provides $7.5M for Brooklyn Community
- Oct 23, 2013
New York—Lincoln Park, a Brooklyn development consisting of two apartment buildings totaling 133 units, has obtained $7.5 million in equity financing for its construction from Pembrook Capital Management. The owner, Park Towers Associates LLC, obtained a $32.1 million first mortgage construction loan in September from Sovereign Bank.
Before the recession, plans were formulated for a residential tower for the site by a different entity, but the downturn put the kibosh on those plans. Since then, the two parcels have remained vacant, but were sold to the current owner in 2011.
The new development will include a nine-story residential building at 510 Flatbush Ave. and an eight-story residential building at the adjacent parcel at 31 Lincoln Rd. The property’s location is at the eastern edge of the Lefferts Garden neighborhood of Brooklyn, near Prospect Park.
Upon completion, the two buildings will contain about 92,000 square feet of combined space, comprised of 39 studio units, 27 one-bedroom units, and 67 two-bedroom units. The development will also include additional space for parking and other accessory uses, as well as about 22,000 square feet of ground floor retail, a community area and other space.
Construction of the property got under way in September. Completion is slated for late 2015.