PNC Bank Refinances $22M Loan For Development Site In Crown Heights, Brooklyn

Located in the vibrant neighborhood of Crown Heights, Brooklyn, a development site consisting of 40-64 Crown Street, 149 Montgomery Street, and 135 Montgomery Street has recently been involved in a refinance transaction. The site boasts a total buildable square footage of 339,756, making it an attractive opportunity for future development. The transaction took place on September 2, 2022.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $22,000,000
• Lender: PNC Bank - Thomas Murta
• Landlord: Carmel Partners - Dennis Markus

PNC Bank, represented by Thomas Murta, provided a loan of $22,000,000 to Carmel Partners for the purpose of refinancing this prime development site. The site's strategic location in Crown Heights, along with its substantial buildable square footage, makes it an attractive asset for future development projects. The involvement of PNC Bank as the lender and Carmel Partners as the landlord indicates the confidence in the potential of this property.