Israel Atik Secures $12.3M Loan For 23-Unit Luxury Condominium In Brooklyn

The asset involved in the transaction is a development site for a 23-unit luxury condominium project with commercial space located in the Brooklyn market. The construction loan for this project amounts to $12,300,000 and 78% acquisition and development financing has been secured. The transaction was structured and closed in under 30 days.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,300,000
• Borrower: Israel Atik
• Broker: Gavin Ralbag - Gold Edge Capital
• Loan Type: Construction
• Market: Brooklyn

Key individuals involved in the deal include broker Gavin Ralbag, representing Gold Edge Capital in the transaction. The arrangement facilitated the financing necessary for the development and establishment of the new condominium project in the Bed-Stuy area.