New York property developer Domes Properties has secured a 28 million dollar acquisition and construction loan package for a multi-family residential project in Brooklyn's fashionable Williamsburg neighbourhood. The loan for the planned 45-unit residential building at 87 Havemeyer Street is being provided by BridgeCity Capital.
Site acquisition and transaction structure
Domes Properties, a division of Brooklyn-based Domes Management, acquired the site consisting of three plots via the special purpose vehicle 87 Havemeyer Street LLC for 13 million dollars from Michael Pescatore, according to industry records. Negotiations for the financing transaction were structured and brokered by Meridian Capital Group.
According to plans by architect Michael Krariem, the development will comprise seven storeys and feature a gross floor area of around 47,000 square feet. The scheme targets the persistently dynamic rental market in Williamsburg, which is characterised by continuous demand for modern residential units.
Architecture and amenities of the new development
Alongside the 45 residential units, the architectural concept incorporates various communal areas and amenities for prospective tenants to secure the scheme's competitive edge in the upscale market segment:
- —Dedicated fitness centre for residents
- —Purpose-built co-working spaces within the building
- —Lounge-style roof terrace for residents
- —Additional outdoor terrace within the building complex
EJ Ehrlich, director of lending at BridgeCity Capital, stated that the loan marks the beginning of a new partnership with Domes Properties. He described the firm as an experienced developer that has established itself in the market through dependable execution capabilities and a notable track record.
A statement from Domes Properties was not available at the time of publication. The management of lender BridgeCity Capital, which includes Louis Lebovits, reaffirmed with this closing its commitment to financing well-positioned residential schemes in prime Brooklyn locations.
