Madison Realty Capital Supplies $46M Construction Loan for Brooklyn Apartments
By Andrew Coen February 9, 2022 11:41 am
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Bruman Realty has inked $45.8 million of construction financing to complete a mixed-use multifamily development in Brooklyn, Commercial Observer has learned.
Madison Realty Capital originated the loan for Bruman’s planned 55-unit project in Williamsburg. The SHB Group arranged the transaction.
“Williamsburg has become an iconic neighborhood in New York City, offering culture, modern retail amenities, easy commutes and affordability relative to Manhattan,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “Madison has significant experience working with Bruman Realty on projects throughout New York City, and we are pleased to work with their expert team again to deliver a mixed-use luxury property in a neighborhood with strong demand for high-quality living options.”
Located at 296 Wythe Avenue, the property will include studio and one-bedroom units, a roof deck, 26 parking spaces, 12,200 square feet of ground-floor retail and 11,500 square feet of below-ground retail space. Forty-seven of the units will include private terraces and 30 percent will be designated as affordable housing under the Affordable New York program.
Steven Hersko, president of The SHB Group, said Madison Realty Capital was helpful in executing “mid-construction financing for a complex project” and that the firm’s experience working other deals in Williamsburg made it the “best option.”
Representatives for Brooklyn-based Bruman Realty did immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
