Mendel Berkowitz And David Tabak Secure $23.5 Million Loan From Valley National Bank For Brooklyn Project

The property asset involved in this transaction is a development site located at 159 Broadway in Williamsburg, Brooklyn. The asset has a building square footage of 97,166 and has been secured for a construction loan amounting to $23,500,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $23,500,000
• Address: 159 Broadway
• Market: Brooklyn
• Lender: Valley National Bank
• Landlord: Mendel Berkowitz - Borough Developers & David Tabak
• Loan Type: Construction

David Tabak, accompanied by Borough Developers, has arranged the construction loan with Valley National Bank to support the planned development of a 99-unit residential project on the site. This transaction is pivotal for the ongoing development plans in the area, showcasing the collaboration between the individuals and the bank involved in this substantial financial commitment.