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S3 Provides Construction Loan for Crown Heights Multifamily

Arrow Real Estate Advisors arranged an $8,800,000 construction loan from S3 for the development of a new multifamily property located at 1532 Bergen St. in Crown Heights, Brooklyn. The transaction was led by Arrow Real Estate Advisors founder and managing partner Morris Betesh, senior director Israel Mermelstein and associate Louis Halperin.

“It was a privilege to represent a new client as they embark on their largest development project,” stated Mermelstein. “S3 proved to be the ideal lending partner for the sponsor, and we were pleased to facilitate the expansion of that relationship. By engineering a highly customized loan structure tailored to the unique requirements of this transaction, we ensured a seamless execution that aligned perfectly with the sponsor’s strategic goals for this asset.”

The loan will fund the construction of a six-story, 27,136-square-foot mixed-use building comprising 25 residential units, two commercial spaces and eight parking spaces. Planned amenities include a fitness center, laundry room and roof terrace.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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