MF1 Supplies $170M Takeout Construction Loan on Brooklyn Apartments
By Andrew Coen October 21, 2024 12:39 pm
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Cheskel Schwimmer’s Chess Builders has landed $170 million of takeout construction financing for its planned multifamily development in Brooklyn’s Vinegar Hill section, Commercial Observer has learned.
MF1 Capital provided the bridge loan on the developer’s 218-unit apartment building at 218 Front Street that is now in the middle of the lease-up phase, sources told CO. The deal retires a previous construction debt supplied by Valley National Bank in October 2022.
Landstone Capital’s Leah Paskus arranged the transaction.
The 218 Front Street development will include 66 affordable units for residents earning 130 percent of the area median income from $106,458 to $218,010, New York NIMBY reported in August when a housing lottery commenced.
Property amenities will include a golf simulator room, a garage with electric vehicle charging stations, a fitness center, a business center, a library and rooftop terrace. There will also be 13,200 square feet of retail space.
Officials for MF1, Chess Builders and Landstone Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
