Aristone Capital, a Propellr Company, provided New York-based Happy Living Development with $31.7 million acquisition and construction financing for a residential condominium development with ground floor retail.
The property is situated at 805 Washington Avenue in Brooklyn’s Prospect Heights neighborhood.
The two-year non-recourse loan was secured at 75 percent loan-to-cost, which allows the borrower to both fund construction costs and acquire the development site along with necessary additional air rights.
“This is a property with views of the Brooklyn Museum, proximity to Prospect Park and Grand Army Plaza, and excellent access to public transportation in a low supply/high demand neighborhood. I am excited that Aristone was able to deliver a financing solution that allows Happy Living to acquire and build the project,” said Boris Zhuravel, Head of Real Estate for Aristone Capital.
Aristone Capital is a New York based provider of multi-strategy structured debt and preferred equity that is powered by Propellr.com, a technology-based merchant banking platform for alternative assets.