$12M Construction Loan for 19 Condos in Williamsburg

A developer received $12.2 million in construction financing to build a seven-story residential building at 305 Union Ave. in Brooklyn’s Williamsburg neighborhood.

“Our client is an experienced developer that has successfully completed projects in Prospect Heights and Williamsburg,” said Sam Zabala, managing director for Eastern Consolidated, which arranged the financing with Popular Community Bank.

Plans are approved and the permits are in place to build a 32,500-square-foot residential structure with 19 luxury rental apartments and condominium-quality finishes. “This will be a highly-amenitized, eco-friendly building in an area where rents in newly constructed buildings are averaging $61 per square foot,” Zabala added.

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