Bravo Capital Lends $23M on Brooklyn’s 1620 New York Avenue

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Developer Joel Jacob has inked $23 million of bridge loan financing for a new mixed-use asset in Brooklyn’s East Flatbush neighborhood, Commercial Observer has learned.

Bravo Capital provided the loan for 1620 New York Avenue, a seven-story building comprising 54 residential units with ground-floor retail. Galaxy Capital SolutionsHenry Bodek arranged the financing.

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“1620 is a high-quality project with a top-tier sponsorship,” said Aaron Krawitz, founder and CEO of Bravo Capital. “It’s a fantastic sponsor in a terrific location.”

The property, which is now in the lease-up phase, is located three blocks from Brooklyn College and the Flatbush Avenue subway station. It contains below-grade parking with 27 spaces along with amenities that include lounge area on every floor, fitness center, laundry room and roof deck.

Jacob did not immediately return a request for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com