Pembrook Capital Management LLC just closed a $21.8 million bridge loan to fund the acquisition by Savanna Partners of a Downtown Brooklyn development site near the Barclays Center.
Savanna purchased the site at 141 Willoughby Street immediately adjacent to the two million-square-foot, $1 billion multi-phased mixed-use development known as City Point for an undisclosed amount in January 2014.
The company 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.”
Savanna purchased the property from the Institute of Design and Construction.