Ariel Development Group Secures $4.3 Million Construction Loan From Steppingstone Capital In Brooklyn

Ariel Development Group has acquired Waverly, a boutique residential development consisting of two side-by-side single-family townhomes located in Clinton Hill, Brooklyn. The project is a development site with a building square footage of 7,500. The construction loan is valued at $4,300,000 and has a term of 2 years, with foundation work currently underway. Completion is expected in Q3 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,300,000
• Loan Type: Construction
• Loan Terms: 2 Years
• Lender: Steppingstone Capital
• Landlord: Ariel Shalom - Ariel Development Group
• Project: Waverly
• Neighborhood: Clinton Hill, Brooklyn
• Asset Type: Two single-family townhomes
• Status: Foundation progress
• Expected Completion: Q3 2027

Key individuals involved in the transaction include Ariel Shalom from Ariel Development Group, who is overseeing the development efforts. Menachem Liberow and Russell Fedder are also noted in the context, possibly indicating their roles or involvement in the financing aspect. Ariel Development Group is actively seeking further residential development opportunities across New York City and is aiming to connect with various stakeholders for future projects.