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Debt & Equity Residential

Abatement deal brings fresh money, more apartments to Greenpoint

Pembrook Capital Management closed a $2.256 million second mortgage loan to finalize construction of a 21,341 s/f mixed-use property located at 144-146 West Street in Greenpoint, Brooklyn.

Pembrook previously closed a $6.2 million first mortgage loan for the project in March of 2017.

A development team that includes Barone Management, Caspi Development and Matt Development began construction on a six-story apartment building on an infill site. However, when the City of New York later announced its new Affordable New York tax abatement program, they temporarily halted construction and applied for an abatement in exchange for the construction of four additional inclusionary housing units.

The extra $2.256 million loan Pembrook is providing will fund the construction of four additional workforce housing apartments at the property targeting individuals or household up to 80 percent AMI, while agreeing to restrict three additional units to 130 percent AMI.

Stuart J. Boesky, CEO of Pembrook, said, “Supporting market-rate housing remains an important issue for Pembrook, so it’s gratifying to know that this project will provide local Greenpoint residents with access to new, high-quality affordable apartment units in addition to new retail options when it’s introduced to the market.”

The sponsor plans to now resume construction on the project and a completion date has been scheduled for 2018.

The property will be built to LEED green building standards, and the developers have included plans for a public art installation on the exterior of the building, to be designed by a local artist. There will be nine parking spaces and bike storage.

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