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Condominium Conversion Gets $43M Construction Loan

Condominium conversions are coming back. Silverback Development borrowed $43.1 million from a private equity fund to convert an old student dormitory building in Downtown Brooklyn into new, luxury condominiums.

“This capital from Melody enables us to move forward with construction on a project that will help meet the strong demand for new condominium residences in Brooklyn Heights,” said Josh Schuster, managing principal and founder of Silverback Development.

Melody Business Finance, the loan origination platform of Melody Capital Partners, provided the construction loan. The 29-story building at 67 Livingston St. is one of the tallest buildings in its part of Downtown Brooklyn, near Brooklyn Heights.

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