Gindi Family Secures $20M Loan For Development Site At 472 86th Street In Bay Ridge, Brooklyn

The Gindi family's Century 21 site at 472 86th St. in Brooklyn has secured $20 million in construction financing from Peapack-Gladstone Bank. The property, a development site located in Bay Ridge, Brooklyn, will be transformed into a new retail hub.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $20,000,000
• Lender: Peapack-Gladstone Bank
• Landlord: Gindi family - Raymond Gindi

Peapack-Gladstone Bank provided the $20 million construction financing for the development site owned by the Gindi family. With this capital, the Gindis will be able to create a new retail hub in Bay Ridge, Brooklyn. This deal highlights the bank's willingness to support and invest in real estate development projects.