Seven-story Gravesend project rises on 6m loan.Builders Bank, a leading Chicago-based national real estate lender, has provided $6,000,000 to finance costs related to the construction of a seven-story condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. building in the Gravesend section of Brooklyn, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The subject property is an 8,000 s/f site located on 6th Street in the Gravesend section of Brooklyn, New York. Gravesend is a good central location within Brooklyn and has a good supply of recreational facilities Noun 1. recreational facility - a public facility for recreation recreation facility facility, installation - a building or place that provides a particular service or is used for a particular industry; "the assembly plant is an enormous facility" , shopping, transportation and houses of worship. Gravesend is primarily a residential community where 51% of the lots are improved with 1-2 family homes. The trend over the past 2-5 years has been for developers to purchase lots consisting of older detached de·tached adj. 1. Separated; disconnected. 2. Standing apart from others; separate. homes situated on 30+ wide lots, raze raze also rase tr.v. razed also rased, raz·ing also ras·ing, raz·es also ras·es 1. To level to the ground; demolish. See Synonyms at ruin. 2. To scrape or shave off. 3. the homes and construct 3-4 family or low rise condominium buildings, depending upon the location and size. The proposed improvements will include a 24-unit, 7-story building area and 20,400 s/f of sellable area. The first floor will contain 20 covered parking spaces, lobby and elevator elevator, in machinery elevator, in machinery, device for transporting people or goods from one level to another. The term is applied to the enclosed structures as well as the open platforms used to provide vertical transportation in buildings, large ships, bank. Floors 2 through 7 will each contain 4 two-bedroom, two bathroom units with 850 s/f. Ronald Bryant, Builders Bank senior vice president arranged the financing along with Vice President and Credit Manager Cynthia Forte. Builders Bank is pleased to be able to provide financing for another New York project. During the past 12 months, Builders Bank has provided approximately $300 million in financing nationwide including both new construction and acquisition/renovation loans. |
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