Riverside Developers USA Secures $47 Million Construction Loan From OakNorth Bank For Bedford Stuyvesant Properties

The asset involved in the transaction is a development site located at 28 Skillman Street, 41 Franklin Avenue, and 32 Skillman Street in the Bedford Stuyvesant market of Brooklyn. Riverside Developers USA secured a construction loan of $47 million from OakNorth Bank for these three properties, replacing a prior loan of $9.1 million that was also from OakNorth Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $47,000,000
• Lender: OakNorth Bank
• Landlord: Riverside Developers USA
• Original Loan Amount: $9,100,000
• Loan Date: 06/30/2025

The key individuals in this transaction include Riverside Developers USA, the landlord who is responsible for the development, and OakNorth Bank, the lender facilitating the construction loan for the project. The deal marks a significant financial step for Riverside Developers as they expand their portfolio in Brooklyn.