Valley National Bank Leads $155M Construction Loan on Brooklyn Resi Project
By Andrew Coen October 1, 2024 2:58 pm
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Joel Landau‘s Allure Group has secured $155 million of construction financing to build a multifamily building on the site of a former nursing home in Bedford-Stuyvesant, Brooklyn, Commercial Observer has learned.
Valley National Bank led the loan, with participation from Metropolitan Commercial Bank and Bank Mizrahi-Tefahot, on Allure Group’s planned 320-unit three-building property at 270 Nostrand Avenue that has topped off and is slated for completion by late 2025, sources told CO.
Landstone Capital’s Leah Paskus and Ernest Lefkowitz arranged the transaction.
The project will consist of a 140-unit market-rate apartment building, a 110-unit building with apartments designated as affordable housing, and a 70-unit condominium building. The development, which received a 35-year tax abatement under the former 421a program, will also feature ground-floor retail and 84 parking spaces.
Allure Group acquired 270 Nostrand for $15.6 million in 2015 from Cabs Nursing Home Company, which used to operate a facility at the site, Brownstoner previously reported. The property received approval from the New York City Planning Commission in 2021 to rezone it for residential and commercial use.
Representatives for Valley National Bank, Allure Group and Landstone Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
