Alembic Community Development Secures $30M Construction Loan For Brownsville Development Site

Alembic Community Development, operating through the entity Brownsville Crossing Owner LLC, has secured a $30 million new construction loan from Citizens Bank for three development parcels in Brownsville, Brooklyn. The properties involved in this transaction are located at 47 New Lots Avenue, 120-122 Liberty Avenue, and 609 Osborn Street. Benjamin Warnke, the landlord, represents Alembic Community Development in this deal.

Summary of transaction details

• Property Type: Land & Development Site
• Loan Amount: $29,992,775
• Lender: Citizens Bank
• Landlord: Benjamin Warnke - Alembic Community Development

The loan obtained from Citizens Bank will contribute to the development of these three parcels of land in Brownsville, Brooklyn. This transaction highlights the collaboration between Alembic Community Development and Citizens Bank in pursuing the construction and development of these properties. The loan amount will be crucial in enabling the realization of the envisioned projects.