SL Development to Build $54M Luxury Condos in Brooklyn
- May 18, 2017
SL Development has received $53.5 million in funding to acquire a development site for a 90,000-square-foot mixed-use building in Brooklyn’s popular Williamsburg neighborhood.
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, which will ultimately facilitate a smooth execution of the business plan. Over the last few years, MRC has grown into a leading debt and equity investor and this transaction reflects our ability to provide flexible solutions across the capital structure.”
Located at 722 Metropolitan Ave., on the corner of Metropolitan Avenue and Graham Avenue, the original building on the property served as an umbrella factory since 1933.
When finished, the new development will consist of 69 luxury condominiums offering 18 parking spaces and approximately 20,000 square feet of retail space at grade. The property will also include a fitness facility for residents and a finished roof deck.
“We believe the borrower has acquired a prime site in a great location that will generate strong interest when completed and we’re pleased to help facilitate this exciting project,” Zegen said.
Williamsburg has been on the rise for several years and is considered by many to be one of New York’s most in-demand neighborhoods. While there’s been plenty of new development over the last few years, few luxury condos are available.
Construction on the property is expected to begin this month with a projected completion date in July 2019.