Citi Lends $48M on Downtown Brooklyn Residential Tower
By Isabelle Durso September 19, 2024 12:27 pm
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Developer David Halberstam’s Bruklyn Builders has landed a $47.5 million commercial mortgage-backed securities (CMBS) loan on the Amnia, its newly constructed apartment tower in Downtown Brooklyn, Commercial Observer has learned.
Citigroup (C) provided the CMBS loan for the 13-story building at 127-131 Concord Avenue, which was completed in November 2023, according to Landstone Capital Group, which brokered the debt.
The financing is set to replace the old debt on the property, in which Dwight Mortgage Trust gave Bruklyn Builders a bridge loan in January for $41.2 million, as Commercial Observer previously reported.
The new loan was closed by Citi’s Eric Mirvis, while Landstone’s Pinchas Vogel and Leah Paskus brokered the deal, according to Landstone.
Vogel declined to comment and spokespeople for Citi and Bruklyn did not immediately respond to requests for comment.
The 73-unit Amnia features 22 apartments designated as affordable housing, as well as amenities including a fitness center, game room, courtyard and rooftop lounge.
The multifamily development received a long-term tax abatement from the 421-a Affordable Housing New York Program, which is now expired, CO reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
