Mayer Berkovits Secures $11.2M Construction Loan For Development Site At 327 Broome Street

The development site located at 327 Broome Street in the Bowery, Manhattan, encompasses approximately 10,000 square feet. The property is a luxury 6-story boutique condominium being developed by Mayer Berkovits of BAM Developers. The site will feature six full-floor residences and a three-bedroom duplex penthouse with private outdoor space. The transaction involves a loan amount of $11,200,000 secured for mid-construction refinancing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $11,200,000
• Lender: Josh Grunzweig & Jeremy Goldzal - JG Funding
• Landlord: Mayer Berkovits
• Broker Representatives: Isaac Filler, Yossi Koschitzki & Steven Edelstein - Filler Capital
• Loan Type: Construction
• Completion Date: December 2026
• Sales & Marketing: SERHANT

The financing for the project was arranged and closed in under two weeks, successfully navigating a complex transaction process. Acknowledgment is given to Josh Grunzweig and Jeremy Goldzal for their role in providing clarity and precision in this mid-construction refinancing deal. Filler Capital took a comprehensive approach to understand the project requirements and the sponsor's positioning, facilitating the identification of the appropriate lender.