Brooklyn developer Bedford Roth Holdings is ready to build its new Williamsburg apartment and retail build.
The company has closed on a $31.49 million mortgage with Madison Realty Capital (MRC) for 744 Bedford Avenue in Williamsburg.
The property was previously unencumbered, and all the proceeds of the MRC loan will be used to complete construction of a DOB-approved 134,742 s/f building.
The project qualifies for the 421a tax abatement and incorporates 88 residential rental units, 18,393 s/f of retail space, and 76 parking spaces.
Roth Holdings has already laid the building’s foundation and commenced vertical construction after carrying out site remediation work to ameliorate subsurface soil contamination from old underground storage tanks in the area, according to the DOB.
“The borrower approached MRC based on our ability to be a single, flexible source of construction financing to complete the project,” notes Josh Zegen, Co-Founder and Managing Principal of MRC.
“We’ve been successful in delivering the funds required, and we believe that this project will be successful based on its excellent location, thoughtful design, and vested 421a benefit.”
The 744 Bedford Avenue development will consist of 86 one-bedroom units and two two-bedroom units averaging approximately 565 s/f and 870 ss/f, respectively.
MRC funded approximately $5.6 million at closing and the remaining funds are expected to be drawn through the remainder of the construction process. The borrower anticipates topping out this summer and completing construction in Spring 2019.