Joy Construction And Maddd Equities Secure $143M Loan For Residential Project In Downtown Brooklyn

Joy Construction and Maddd Equities have secured $143 million in financing for their residential project at 202 Tillary Street in Downtown Brooklyn. The joint venture aims to complete the 465-unit mixed-use project by the third quarter of 2025. The financing for the project involved three lenders, including Valley National Bank, Metropolitan Commercial Bank, and Bank Leumi in Israel.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $143,000,000
• Lender: Valley National Bank, Metropolitan Commercial Bank, Bank Leumi
• Landlord: Joy Construction - Eli Weiss & Maddd Equities - Jorge Madruga
• Date: 05/18/2023
• Address: 202 Tillary Street
• Market: Brooklyn

The financing for the residential project involved a process that spanned eight months. The joint venture between Joy Construction and Maddd Equities secured loans from Valley National Bank, Metropolitan Commercial Bank, and Bank Leumi. With the financing in place, the project is expected to be completed by the third quarter of 2025. The development will feature 465 units and will contribute to the diverse and vibrant community of Downtown Brooklyn.