Est4te Four lands condo inventory loan for Red Hook project

Alessandro Crivelli’s Est4te Four has secured a $74 million condo inventory loan from Churchill Real Estate Holdings for its project at 160 Imlay Street in Red Hook. The project contains 70 residential condos and 78 parking spaces. 

• Financing details: The new loan replaces a $79.4 million construction loan provided by Apollo Commercial Real Estate Finance in 2018, according to TRD. 

• Another condo inventory loan: TRD reported that 35 units are currently under hard contract despite construction slowdowns and a soft market. Est4te Four paid $25.1 million for the former warehouse in 2012, and launched sales in 2014. The NYTimes explored the rise and fall of the high-end condo market and how its impact will echo for years to come.