BNS Real Estate and Wonder Works Construction have secured $38 million in construction financing from M&T Bank for its planned residential tower at 30 Kent Street. Upon completion, the building will include 80 apartments, plus a ground-floor retail component (3,000 square feet), according to CO who first reported the news.
421-a deal: The developers are designating 24 of the apartments at below-market-rate rents, a provision that has earned them a 25-year tax abatement under New York State’s 421-a affordable-housing program for new multifamily buildings.
Brokers… JBA Equities’ Jonathan Aghravi and Charles Han arranged the debt on behalf of the developers.
Heard on the Street: Jonathan Aghravi: “I think in general, sponsors lean towards non-bank lenders for construction loans in this environment… In this situation, M&T was able to get comfortable with the asset and with the sponsor.”