NEW YORK CITY—A $63-million loan has been issued to complete the development of a multifamily property in the Crown Heights area of Brooklyn. Located at 564 St. Johns Place, the 163,598 square foot residential building is slated to feature 193 units.
Heritage Equity Partners owns a controlling stake in the property that could be valued at over $30 million, according to YIMBY.com. That portion of the project reportedly was sold by Rabsky Group.
Situated in the western portion of Crown Heights, the site previously served as a rental parking facility and is now being developed into an eight-story residential building. The property will feature outdoor recreational space for residents as well as parking for 87 cars. The unit mix at the building will consist of 19 studio apartments, 136 one-bedroom units, and 38 two-bedroom units.
The project is currently topped off and framing work has begun on the lower floors. “We're pleased to provide capital that will help one of our repeat borrowers complete this well-located, high quality residential asset,” says Josh Zegen, co-founder and managing principal of Madison Realty Capital, which provided the financing.
“Crown Heights is increasingly attractive to many new residents, who are drawn to the close proximity to Prospect Park and reasonable housing prices as compared to Park Slope and Williamsburg,” he continues. “Construction of the building is far along, and we expect the project to be well-received when it hits the market.”
The surrounding neighborhood reportedly offers an abundance of restaurants, shops, and entertainment venues. Crown Heights borders several other popular areas of Brooklyn, including Bedford Stuyvesant, Prospect Height, and Flatbush, and offers easy access to Manhattan.
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
Heritage Equity Partners owns a controlling stake in the property that could be valued at over $30 million, according to YIMBY.com. That portion of the project reportedly was sold by Rabsky Group.
Situated in the western portion of Crown Heights, the site previously served as a rental parking facility and is now being developed into an eight-story residential building. The property will feature outdoor recreational space for residents as well as parking for 87 cars. The unit mix at the building will consist of 19 studio apartments, 136 one-bedroom units, and 38 two-bedroom units.
The project is currently topped off and framing work has begun on the lower floors. “We're pleased to provide capital that will help one of our repeat borrowers complete this well-located, high quality residential asset,” says Josh Zegen, co-founder and managing principal of Madison Realty Capital, which provided the financing.
“Crown Heights is increasingly attractive to many new residents, who are drawn to the close proximity to Prospect Park and reasonable housing prices as compared to Park Slope and Williamsburg,” he continues. “Construction of the building is far along, and we expect the project to be well-received when it hits the market.”
The surrounding neighborhood reportedly offers an abundance of restaurants, shops, and entertainment venues. Crown Heights borders several other popular areas of Brooklyn, including Bedford Stuyvesant, Prospect Height, and Flatbush, and offers easy access to Manhattan.
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
