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Arch Takes Over Stalled Williamsburg Resi Project
Arch Companies acquired 550 Metropolitan Ave., the site of a future six-story residential building with ground floor retail in Brooklyn’s Williamsburg neighborhood. Deal terms weren’t disclosed for the site, the fourth stalled project that Arch has invested in or restructured in New York City.
The transaction was brokered by Daniel Hilpert of Mortgage Equicap. Financing was provided by Tideway Capital Group and arranged by Mortgage Equicap and Arch Advisors, a subsidiary of Arch Companies.
“The acquisition of 550 Metropolitan plays to Arch’s combined strengths to source and structure capital creatively for stalled development deals, and deploy its in-house development and construction capabilities,” said Jeffrey Simpson, managing partner at Arch Companies.
The project will move forward under Arch’s ownership, with design by Alex Blakely of AB Architekten. Units will be designed by Veronica Mishaan, and Arch is engaging subsidiary Arch Builders to oversee construction management at the project.
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