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JBA Secures M&T Construction Loan for Greenpoint Rentals
Jonathan Aghravi of JBA Equities has arranged $38-million in financing from M&T Bank for ground-up construction at 30 Kent St., an 80-unit residential property with retail on grade. Construction on the rental property in Brooklyn’s Greenpoint neighborhood is slated to take approximately two years to complete.
Aghravi originated the deal and along with Charles Han represented the borrower, a joint venture between BNS Real Estate and Wonder Works Construction Corp. The JV is led by Bradford Barr and Mark Brookes of BNS, and Eric Brody and Joseph Klaynberg of Wonder Works.
“BNS Real Estate and Wonder Works Construction Corp. are stellar sponsors which helped M&T Bank provide competitive terms,” Aghravi said. “All parties worked diligently to get this transaction closed, and we are excited about seeing the finished product.”
The new property will be situated directly adjacent to WNYC Transmitter Park, with unobstructed waterfront views of the Manhattan skyline.
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