$13,253,000 for the acquisition and ground-up development of a 31-unit condominium in Clinton Hill, Brooklyn, NY
Winter & Company has arranged a $13,253,000 construction loan for an active developer for the ground-up development of 31 townhome-style condominium units in the Clinton Hill neighborhood of Brooklyn, NY, close to the Barclay Center. The36-month construction loanrepresents 70% loan-to-cost and 74% loan-to-stabilized value (based upon the finished property’s hypothetical value as a rental). The development is very efficiently designed maximizing sellable square footage and minimizing common areas and is located close to major subways. The design of the units wasalso intended to integrate with the scale of style of the townhouses in the neighborhood.