Brooklyn land parcels promise Renaissance.

Perry Cohen and Andrew Rosenberg of Todtman, Nachamie, Spizz & Johns, P.C. have represented the development entity in a contract with The Empire State Development Corporation to acquire one of the last remaining undeveloped parcels in downtown Brooklyn, located at Hoyt Street and Schermerhom Street.

The property will be developed by a joint venture between John Frezza, principal of Strategic Construction Corp., and Samy Brahimy and Hesky Brahimy, principals of IBEC Building Corporation.

The development is being called State Renaissance Court and will consist of 14 two-family townhouses and a multifamily apartment building with 139 units.

In addition, the apartment building will contain approximately 10,609 square feet of parking and approximately 17,955 square feet of retail space. The townhouses will be sold at "market rate" and the apartment building will contain units for low, moderate and middle income tenants, along "market rate" tenants.

"Although this was a highly complex transaction, the principals are experienced developers whom we have worked with on many deals," points out Mr. Cohen. "As a result the process is proceeding to the satisfaction of all the participants."

Construction financing for the apartment building will be provided by tax exempt bonds to be issued by the New York City Housing Development Corporation ("HDC") in the approximate amount of $33,000,000. In addition HDC will provide a subordinate mortgage loan in the approximate amount of $3,105,000. Credit enhancement is being provided by Citibank, N.A.

Equity financing in excess of $4,100,000 will be provided through the sale of federal low income housing tax credits to WNC & Associates, one of the largest tax credit syndicators in the United States.