Pembrook Capital Management LLC, a commercial real estate investment manager, announced the closing of a $21.8 million bridge loan to fund the acquisition by Savanna Partners of a downtown Brooklyn development site.
The site is located at the cross-section of Willoughby Street, Gold Street and Flatbush Avenue, within blocks of the Barclays Center and immediately adjacent to the two million-square-foot, $1 billion multi-phased mixed-use development known as City Point.
Savanna plans to construct a residential building with ground floor and lower-level retail space.
“Downtown Brooklyn has become one of New York’s most exciting neighborhoods,” said Stuart J. Boesky, CEO of Pembrook. “You have outstanding transportation infrastructure combined with an enormous variety of real estate demand drivers — businesses, government offices, colleges, cultural institutions, and sporting events. With the stellar location of the site and the involvement of Savanna Partners, a seasoned developer, we believe this project will be a success.”
The two million-square-foot City Point mixed-use development extends the Fulton Street shopping corridor by adding major retail brands as Armani Exchange and Century 21. The newly commissioned Willoughby Square Park, located diagonally across from the Savanna site, has been called Brooklyn’s Bryant Park .