$53.5M Condo Construction Loan in Williamsburg

SL Development borrowed $53.5 million from Madison Realty Capital to build 69 new luxury condominiums on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn.

“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,” said Josh Zegen, managing principal for Madison.

SL will use the money to buy the development site and build a 90,000-square-foot tower, which will include 18 parking spaces, 20,000 square feet of retail space, a gym and a finished roof deck.

Construction is expected to begin this month and finish in July 2019.

For comments, questions or concerns, please contact Bendix Anderson