Wrightwood closes loan for McCarren Park construction.Wrightwood Capital has provided $8,685,000 to finance the construction of two adjacent properties in 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 Roebling Street property, located at the corner of North 11th and Roebling Streets, is in the Williamsburg section of Brooklyn. The property is near a variety of restaurants and retail amenities, art galleries, and McCarren Park McCarren Park is a public park in New York City, USA. It is located in the Greenpoint neighborhood of Brooklyn, and is bordered by Nassau Avenue, Bayard Street, Leonard Street and North 12th Street. It is operated by the New York City Department of Parks and Recreation. , and is a short walk from the Bedford Avenue "L" subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. train, which is the first stop out of Manhattan. McCarren Park is one of the largest public parks in Brooklyn and has numerous sports fields and a unique performing arts center A performing arts center, often abbreviated PAC, is a multi-use performance space that can be adapted for use by various types of the performing arts, including dance, music and theatre. . The nearby subway line and 1-278, the Brooklyn Queens Expressway, provide easy access to Manhattan and the surrounding areas. The Sponsor plans to develop two adjacent luxury residential buildings with a total of 21,000 square feet. Each five-story building will have eight, two-bedroom units and two, three-bedroom units, with high quality amenities including granite surfaces, hardwood hardwood: see wood. hardwood Timber obtained from broad-leaved, flower-bearing trees. Hardwood trees are deciduous trees, except in the warmest regions. floors, and marble bathrooms. "The Williamsburg neighborhood is rapidly being developed into a desirable housing market, providing relatively affordable apartments with a wide variety of amenities and great access to Man hattan with the close proximity of the L train," commented Dan Hartman, Senior Director, Investments, in Wrightwood Capital's Connecticut office. "The Sponsor has already had great success in this submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. because of the strong demand for rental and for sale housing. This transaction is a great addition to the Sponsor's portfolio and a nice opportunity for Wrightwood Capital to finance another project in the Williamsburg neighborhood." The Sponsor for this transaction is Shlomo Karpen, a real estate developer focused on rehabbing, developing, and converting residential opportunities in Brooklyn. This represents the first transaction between the Sponsor and Wrightwood Capital. The opportunity was sourced through Josh Zegen of Alpine ALPINE Antihypertensive Treatment and Lipid Profile in a North of Sweden Efficacy Evaluation (drug trial) ALPINE Advanced Logistics Program Integration and Engineering Commercial Capital. Wrightwood Capital structured a thirty month loan. |
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