NEW YORK CITY-Now that the condo bust of '08 is long gone, low vacancy rates and high demand are driving lenders back to Brooklyn. As part of that growing trend, Berkadia Commercial Mortgage LLC has closed on $49.95 million in financing for a new multifamily project at 205 N. Ninth St. in Williamsburg, GlobeSt.com has confirmed.

The firm’s SVP Stewart Campbell and VP Thomas Toland originally structured interim construction financing for the 113-unit, 112,000-square-foot property through Berkadia’s bridge lending program in November 2011. “We allowed them money to complete the job and stabilize,” Toland tells GlobeSt.com, explaining that the funds were then used to refinance the construction loan and to provide funds to finish and lease the project.

After the development was completed, Berkadia provided the borrower, North Driggs Holdings LLC, with a permanent 10-year Fannie Mae loan at a 3.62% interest rate, which closed on June 14. The building reached 100% occupancy in March 2012, and includes amenities such as a gym, lounge, screening room and rooftop deck. It is also in close proximity to the Bedford Avenue L subway stop.