MF1 Capital Provides $24M Takeout Construction Loan on Brooklyn Apartments
Northlink Capital lands financing for multifamily project at former bingo hall site.
By Andrew Coen September 4, 2024 11:58 am
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Northlink Capital just added a refinance to its September bingo card.
The firm has secured $24 million of takeout construction financing for a newly completed multifamily property at a former bingo hall in Brooklyn’s Midwood neighborhood, Commercial Observer has learned.
MF1 Capital supplied the loan on Northlink’s 53-unit development at 2339 Nostrand Avenue.
Meridian Capital Group arranged the transaction with a team led by Morris Betesh and Alex Bailkin.
Located where the Nostrand Bingo Hall once stood four blocks from the Flatbush Avenue train station, the seven-story building features a mix of market-rate and affordable apartments and 30 parking spaces. Property amenities include a rooftop terrace, coworking space, a fitness center and bike storage.
“It’s a transformative addition to the Midwood neighborhood, coming on the heels of their development of the Vitagraph, a 300-unit building also in Midwood,” Betesh said in a statement. “The unwavering commitment of both the sponsor and lender to recognize the potential of this project was pivotal in achieving a smooth and successful closing.”
Officials at MF1 Capital and Northlink did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
