Apollo provided the debt for the unsold condo units
Alessandro Crivelli’s Est4te Four has secured a $79.4 million loan from Apollo Commercial Real Estate Finance for 160 Imlay Street, according to CO. The Red Hook condo building contains 70 residential units.
Financing Details: Apollo assumed the $65 million loan that was issued in 2012. It also provided $14.4 million in new financing.
Worth Noting: The Italian developer launched sales in 2014, but the re-development lagged and was only ready for occupancy in 2017. Although sales started off strong, velocity has slowed.