Valley National Bank Lends $135M on Brooklyn Apartments Build

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Cheskel Schwimmer’s Chess Builders has nabbed $135 million of construction financing to build a multifamily development in Brooklyn, Commercial Observer has learned.

Valley National Bank provided the loan for Schwimmer’s planned 218-unit apartment project on 218 Front Street in the Vinegar Hill section of Brooklyn between the Manhattan Bridge and the Brooklyn Navy Yard. 

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Landstone Capital Group’s Leah Paskus and Pinchas Vogel arranged the transaction. 

The property, which formerly housed a one-story warehouse, has 196,000 buildable square feet and will feature 152 market-rate units and 66 units designated as affordable. The site was purchased by Urban Realty Partners for $48.5 million from Emily Wang in October 2021, PincusCo reported at the time. Urban Realty subsequently leased the asset to Chess Builders, according to The Real Deal. 

“We are excited to work with Mr. Schwimmer and his team to bring this project to fruition,” Chris Coiley, Valley National Bank’s head of commercial real estate for the New York and New Jersey markets, said in a statement. “Providing additional housing options in the desirable Vinegar Hill section of Brooklyn fits within the Valley Bank’s footprint, while working with a seasoned and knowledgeable developer is a successful combination.”

Officials at Chess Builders did not immediately return a request for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com