S3 Provides Construction Loan for Crown Heights Multifamily
Arrow Real Estate Advisors arranged an $8,800,000 construction loan from S3 for the development of a new multifamily property located at 1532 Bergen St. in Crown Heights, Brooklyn. The transaction was led by Arrow Real Estate Advisors founder and managing partner Morris Betesh, senior director Israel Mermelstein and associate Louis Halperin.
“It was a privilege to represent a new client as they embark on their largest development project,” stated Mermelstein. “S3 proved to be the ideal lending partner for the sponsor, and we were pleased to facilitate the expansion of that relationship. By engineering a highly customized loan structure tailored to the unique requirements of this transaction, we ensured a seamless execution that aligned perfectly with the sponsor’s strategic goals for this asset.”
The loan will fund the construction of a six-story, 27,136-square-foot mixed-use building comprising 25 residential units, two commercial spaces and eight parking spaces. Planned amenities include a fitness center, laundry room and roof terrace.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout