Hope Street Capital Secures $69 Million Bridge Loan In Crown Heights Transaction
New York
See Similar DealsHope Street Capital Secures $69 Million Bridge Loan In Crown Heights Transaction
959 Sterling Place
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The Mason Grey is a 158-unit multifamily building located at 959 Sterling Place in Crown Heights, Brooklyn. Jeffrey Gershon's Hope Street Capital secured a $69 million bridge loan from Invictus Real Estate Partners for the completion of the project, including 48 affordable units and amenities like a fitness center and co-working spaces.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $69,000,000
- Units: 158
- Address: 959 Sterling Place
- Market: Crown Heights, Brooklyn
- Lender: Invictus Real Estate Partners
- Landlord: Jeffrey Gershon - Hope Street Capital
- Brokers: Aaron Appel, Michael Diaz, Keith Adam & Jonathan Schwartz - Walker & Dunlop
- Loan Type: Bridge
- Loan Terms: 18-month construction loan with two six-month extension options
The transaction involved key individuals such as Aaron Appel, Michael Diaz, Keith Adam, and Jonathan Schwartz from Walker & Dunlop, who served as brokers in the deal facilitating the loan for the Mason Grey project.
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