Massey Knakal Capital Services is pleased to announce the closing of a $7.5 million construction loan collateralized by 46 luxury condominium units, totaling 40,000 square feet, in the Crown Heights neighborhood of Brooklyn.
“Even though construction financing is still the most difficult loan to procure, there are still a few select lenders who are willing to fund solid projects for qualified developers, even in somewhat unproven markets.” said Director Preston Flammang, who exclusively handled this transaction. “The success of this transaction was mainly due to our diligence in working with the lender, appraiser, and engineer, to get them comfortable with the project and developer. Massey Knakal’s comprehensive property database was a tremendous resource in validating the project’s proforma,” added Flammang.
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Neighborhoods: Crown Heights/ Agents: Preston Flammang