Brooklyn-based Barrett Design is set to build a new boutique apartment building at 3 East 3rd Street in the East Village.
The company, led by architect Alex Barrett just secured $6.9 million in acquisition financing from Alma Bank.
The 12-month land loan was arranged by Meridian Capital’s Tal Bar-Or, Raj Khatiwala and Kyle A. Kite. It features a fixed rate of 5.50 percent%, full-term interest-only payments and a 12-month extension option.
Barrett will build a seven-story mixed-use building totaling approximately 18,000 gross square feet with a retail condo on the ground floor and five apartments above, consisting of four full-floor units and a duplex penthouse.
“The design and quality of this development will be superb and much appreciated by the area,” said Bar-Or.
“We are pleased to have worked with Barrett Design and Alma Bank to tailor a solution that allowed the borrower to acquire a prime residential development site and take advantage of a short-term interest-only loan to execute their business plan,” added Kite.
“These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded operations of Barrett Design.”
Barrett has developed a number of boutique properties, primarily in Brooklyn. The company’s most recent development is a 23-unit project in at 762 Park Place in Crown Heights.