Castellan Real Estate Partners Lends $25M on Williamsburg Condos Build

KSK Construction Group has landed $25 million of construction financing to develop a condominium development in Williamsburg, Brooklyn, Commercial Observer has learned.

Castellan Real Estate Partners provided the two-year, interest-only, floating-rate loan for the developer’s planned 23-unit luxury condo building at 179 North 10th Street. 

Meridian Capital Group arranged the transaction with a team consisting of Rael Gervis, Scott Miller, Eli Finkel and Dovid Kaufman.  

“This was a highly competitive process, and we were able to secure incredibly favorable terms in today’s market, for a best-in-class sponsorship group,” Miller said in a statement. “From structure to pricing to flexibility, this financing aligns perfectly with the client’s goals and timeline.”

KSK filed permits in August 2023 to transform a former two-story commercial building at 179 North 10th Street into a four-story residential structure. The property will include 28,720 square feet for condos along with 17 on-site parking spaces.

“We are excited to finance KS Construction Group on this project as we continue to lend to top notch sponsors on well thought out projects,” Paul A. Salib, managing principal of Casellan Real Estate Partners, said in a statement. 

Officials at KSK Construction Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com