Brooklyn, New York
Ground-up Construction of 33 Condominium Units
W Financial provided an $8,750,000 first mortgage construction loan for the ground-up development of a seven story, 51,000 SF building with 33 condominium units and 17 parking spaces in Crown Heights, Brooklyn.
The plans are fully approved and the foundation is already complete.
W’s loan refinanced a maturing construction loan that had been provided by a major New York City Bank. Although the project had encountered many unforeseen delays with respect to excavation, subsoil contamination and underpinning issues, these have all been resolved; the plans have been fully approved and the foundation and several stories of steel are now complete.