David Sigman, SVP of LCOR, tells GlobeSt.com that securing the loan represented a higher hurdle than it would have in the past. "It was much more challenging," he says, adding that financing came through because "we had a long-term relationship with BofA, a long track record in this product type, a lot of equity and a stable institutional partner." LCOR's partner on the development is a major pension fund, according to a prepared release.

Because LCOR had begun foundation work prior to the June 30 deadline, the 34 Berry project gained a 421a tax abatement under guidelines in effect at the time. The current 421a guidelines include a considerably larger "exclusionary zone" of ineligibility for projects within that zone, including all of Manhattan as well as a larger swath of Brooklyn.

In a release, Sigman says there is "a big appetite for first-quality rental living space in this community." The apartment building will stand at the corner of North 12th Street opposite McCarren Park, adjacent to Brooklyn Brewery. The project is expected to be done in spring 2010. Amenities at 34 Berry, which is convenient to the L subway line's Bedford Avenue station, will include a landscaped outdoor garden, a rooftop terrace and a rooftop lounge, according a release. There will be a fitness facility and a business-center-oriented meeting room on the ground floor.