Mission Capital Arranges $25.5M Construction Loan For Multifamily Property At 21 Garden Street, Brooklyn

A ground-up construction project for 52 multifamily units in Bushwick, Brooklyn has received financing through a $25,500,000 construction loan. The property, located at 21 Garden Street, spans approximately 52,845 square feet and offers a charming living experience in the area.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $25,500,000
• Address: 21 Garden Street, Brooklyn
• Market: Brooklyn
• Units: 52

The lender involved in this transaction is the Post Road Group, represented by Jason Carney and Patrick Monaghan. The Rivington Company, with Travis Stabler and Alejandra Khan at the helm, serves as the landlord for this project. Mission Capital, with brokers Jonathan More, Lexington Henn, and Steven Buchwald, facilitated the deal.

Note: The property qualifies for a 421-A tax abatement, and the sponsor acquired the land at a favorable basis.

For further financing-related inquiries or discussions regarding potential new projects, interested parties may reach out to Jonathan More at [email protected].