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USC Closes Brooklyn Heights Loan in Four Days
Abe Cohen, grandson of the Conway Stores co-founder of the same name, has closed on a $2.3-million acquisition loan for a mixed-use building at 128 Montague St. in Brooklyn Heights that was recently purchased for $2.8 million.
Urban Standard Capital (USC) delivered the 12-month financing to Conway Capital and partner Davean Holdings to gut and upgrade several of the three-story building’s nine residential units with high-end finishes.
“This loan was unique in that the sponsor’s previous lender fell through at the last minute, giving USC only four business days from the signing of the term sheet to close the loan before the sponsor’s contract on the purchase expired,” said USC’s Sam Hollander.
The 8,022-square-foot building at 128 Montague St. features ground-floor and second-floor retail. The building currently houses Thai restaurant Pinto on the ground floor, and Conway Capital has secured a lease with DEO Eyewear for the second floor.
