834 Pacific Street
Prospect Heights, Brooklyn, NY
Deal Type: Ground-up construction
Project Type: Multifamily Rental
Location: Prospect Heights, Brooklyn, NY
Investment Size: $35M
Property Size: 85,000 GSF / 64,639 NSF / 88 Units
LOAN OVERVIEW
The Sponsor acquired the site from St. Joseph’s Roman Catholic Church of Brooklyn in March 2018 and simultaneously entered into a 99-year ground lease. The project has all of its approvals and is zoned as of right. The Sponsor’s business plan is to construct an 88-unit, five-story Class B+ apartment complex and refinance the loan via traditional CRE lenders