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Invictus Provides $69M for BK Resi Property
Invictus Real Estate Partners has secured a $69 million pre-TCO bridge loan for Mason Gray, a 158-unit residential property in Brooklyn’s Crown Heights. This loan will facilitate the final construction stages of the seven-story building at 959 Sterling Place, enabling leasing activities to commence. The financing was arranged by Walker & Dunlop’s Mike Diaz and Aaron Appel.
Developed by Hope Street Capital, Mason Gray offers residences with amenities such as a fitness center, co-working spaces, a residents’ lounge and game room, an outdoor patio, and a private landscaped courtyard. The property comprises 110 market-rate apartments, primarily one-bedroom units, and 48 units under New York City’s 421-a Affordable Housing Program.
“Invictus remains a strong partner for sponsors by providing customized construction and bridge loans, even in today’s challenging credit market – a clear advantage over traditional one-size-fits-all bank offerings,” said Eric Scheffler, Invictus’ co-founder and managing partner.
- ◦Financing
