Ponce Bank Provides $70 Million Construction Loan For Multifamily Development In Brooklyn

The property asset involved in the transaction is located at 2683 Atlantic Avenue in Brooklyn. It is classified as a multifamily asset encompassing a total square footage of 219,639 and comprising 230 units. The transaction is supported by a loan amount of $70,000,000 specifically designated for construction purposes with terms set for 24 months.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $70,000,000
• Address: 2683 Atlantic Avenue
• Market: Brooklyn
• Asset Square Footage: 219,639
• Units: 230
• Lender: Ponce Bank
• Broker: David Glauber - Sterling Capital Solutions Inc
• Loan Type: Construction
• Loan Terms: 24 Months

The deal involves Ponce Bank, which emphasizes financing responsibly planned new construction to support New York City's housing needs and boost local economic growth. David Glauber from Sterling Capital Solutions Inc represents the broker in this transaction.