Rimani Realty Secures $20M Construction Loan For Greenpoint Rental Project

The transaction involved a 32-unit rental project spread across three tax parcels in Greenpoint, Brooklyn. The properties include special purpose and industrial buildings with a combined square footage of 4,350 and a total buildable square footage of 29,886. The address of the properties is 40 Commercial Street, 56 Commercial Street, and 15 Clay Street in the Greenpoint market.

Summary of transaction details:

• Property Type: Special Purpose & Industrial
• Transaction Amount: $20,000,000
• Units: 32
• Lender: Steve A. Tsavaris - Ponce Bank
• Landlord: Enrico Robert Manetta - Manetta Enterprises

Manetta Enterprises, represented by Rimani Realty LLC, successfully secured a $20 million construction loan from Ponce Bank for their 32-unit rental project in Greenpoint, Brooklyn. The loan will finance the development of the rental units across the industrial and specialty buildings located on the three tax parcels.