Bank Hapoalim Provides $33M Construction Loan for Brooklyn Apartments
CW Realty has nabbed $33.2 million of construction financing for a luxury multifamily development in Brooklyn’s Vinegar Hill neighborhood, Commercial Observer has learned.
Bank Hapoalim supplied the loan for CW’s five-story project at 251 Front Street, which is months away from completion, sources told CO. Landstone Capital brokered the transaction.
The 65,000 square-foot property, which is also known as 68 Gold Street, will consist of 58 units. The property’s amenities include fitness center, bike room, resident lounge and coworking area.
CW Realty purchased 251 Front Street from Tocci Brothers two years ago for $20 million, as first reported by The Real Deal. Tocci Brothers was initially eyeing a 72-unit luxury building for low- and middle-income tenants before scrapping plans when Brooklyn City Councilmember Steve Levin opposed the plans, per TRD.
Williamsburg-based CW Realty has been active in tackling multifamily projects throughout Brooklyn and Queens of late. It has filed plans for a 14-story, 82-unit development at 26-04 Jackson Avenue in Long Island City, Queens, and is slated to break ground soon on a 98-unit project at 1499 Bedford Avenue in Crown Heights, Brooklyn.
Officials for Bank Hapoalim did not immediately return a request for comment. CW Realty officials declined to comment.
Andrew Coen can be reached at firstname.lastname@example.org.