Est4te Four lands condo inventory loan for Red Hook project
By
Andy Weissman
Published on
160 Imlay Street (Est4te Four)
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.