Bank of Princeton and Northeast Community Bank have paired up to provide a $19 million ground-up construction loan for the development of Element88, a 33-unit residential condominium building in Williamsburg, sources told Commercial Observer.
Sean Robertson of Meridian Capital Group negotiated the 24-month loan, which has a floating rate and one six-month extension option, a representative for the brokerage confirmed but declined to identify the lenders.
Element88 is an eight-story, 50,000-square-foot luxury residential condominium building being developed by Rybak Development and BK Developers at 88 Withers Street in Brooklyn. The development will include 33 condo units, 5,000 square feet of retail space and 25 covered parking spaces.
The developers acquired the site from Caro Enterprises for $11.5 million in November 2016, according to property records. The project’s architect, Zproekt Architecture also designed The Vue, another Rybak Development residential condominium building located at 1821 Emmons Avenue in the Sheepshead Bay neighborhood of Brooklyn.
“We are offering the highest end kitchens with paneled appliances, soaring 12 foot ceilings in each unit, 10-foot doors, herringbone flooring, a bold façade,” said Sergey Rybak, a principal of Rybak Development, in prepared remarks. “All the while we are focused on keeping the final product in the sub-$1,300 a foot blended range.”
“This assignment required a higher level of complexity, as it involved the participation of two lenders,” Robertson said. “Despite market-wide tightening of capital sources for ground-up development projects, Meridian was able to negotiate terms with both lenders that allowed our clients to move forward with this exceptional development,” he added. “This is a testament to the developer’s exceptional track record of delivering high-quality projects throughout Brooklyn, as well as the value of Meridian’s long-standing bank relationships.”
Sales at Element88 are scheduled to begin in the first quarter of 2018, with units expected to be delivered by the summer of 2018.
An official at Bank of Princeton did not immediately return a request for comment. Officials at Northeast Community Bank could not immediately be reached.