Popular Community Bank Provides $12M Loan on Williamsburg Multifamily Property



EcoRise Development has snagged a $12 million construction loan for its multifamily apartment building at 305 Union Avenue in Williamsburg, Brooklyn, Commercial Observer can first report.

SEE ALSO: Meridian Secures $19M, Two-Bank Construction Loan for Williamsburg Condo Building

Eastern Consolidated’s Sam Zabala, Adam Hakim and James Murad negotiated the financing with Popular Community Bank.

The 32,500-square-foot, seven-story, ground-up luxury building will include 19 luxury apartments, 10 parking spaces, a gym, a roof deck with city views, bike storage and a resident game lounge.

“Our client is an experienced developer that has successfully completed projects in Prospect Heights and Williamsburg,” Zabala said in prepared remarks. “This will be a highly amenitized, eco-friendly building in an area where rents in newly constructed buildings are averaging $61 per square foot.”

Construction on the Garrison Architects-designed property began in September last year, according to CityRealty.com

“Not only are plans approved and permits in place for this boutique residential building, but construction is well underway with the foundation complete and steel currently being fabricated,” Hakim said. “Now that the financing has been arranged, the developer expects to have the units ready for occupancy in 2018.”