Updated: Bank Hapoalim Provides $36M Loan for Tankhouse’s Brooklyn Development
Tankhouse has some new debt in its tank.
An entity associated with the Brooklyn-based developer has scored a $36.2 million building loan from Bank Hapoalim to construct its mixed-use project at 134 Vanderbilt Avenue in Fort Greene, Brooklyn, according to property records made public Thursday.
The debt comes as the long-stalled development starts to pick up speed once again. Last month, Tankhouse secured permits to lay the foundation of its planned eight-story, 26-unit residential asset, although the firm has not yet hired a general contractor to begin construction, according to New York City Department of Buildings records.
Still, Tankhouse expects to complete the nearly 90,000-square-foot residential building, which includes some ground-floor retail space, by 2024, after taking over the project from All Year Management and ODA Architecture last year, according to its website.
All Year had previously planned to build a similar-sized property at 134 Vanderbilt Avenue, a former Cumberland Farms gas station, even inking a deal to buy the parcel from Cumberland in 2014. But the contract never closed, Brownstoner reported.
Instead, Tankhouse purchased the plot at the corner of Myrtle and Vanderbilt avenues for $10 million last year as property prices continue to rise in Brooklyn, Brownstoner reported.
The deal is not the first time Bank Hapoalim has financed a Tankhouse project. The bank also provided a $19.6 million loan for the ground-up construction of Tankhouse’s luxury condominium building at 450 Warren Street in Brooklyn’s Boerum Hill neighborhood in 2020 and $25 million for another condo asset at 219 Jay Street in Dumbo last year, Commercial Observer reported.
Tankhouse and Bank Hapoalim officials did not immediately respond to requests for comment.
Meridian Capital Group‘s Adam Hakim and James Murad arranged the financing for Tankhouse.
Update: This story has been updated to correct that the financing was $36.2 million, not $32 million, and to include the brokers of the debt.
Celia Young can be reached at email@example.com.