Massey Knakal Capital Services arranged a $32.1 million construction loan for a new apartment tower in Brooklyn’s Prospect Lefferts Gardens neighborhood.
Anderson Associates plans to build a 185,000 s/f nine-story tower with 133 units and 108 parking spaces at 33 Lincoln Road.
The project is the smallest in a pipeline of developments, according to the brokers.
The loan featured a 2.5 year term with extension options, according to Massey Knakal’s Preston Flammang, who exclusively handled this transaction.
“We executed with a well-established local lender who reacted quickly with a tremendous amount of flexibility, which was key to our client,” said Flammang.
“The sponsors needed to break ground this year, and the lender was able to appreciate the strong metrics of the transaction. Most importantly, this lender will be a valuable resource for the sponsor’s larger projects in the pipeline.”