Abraham Brach’s Signature Acquisitions + Isaac Deutsch’s Empire State Management + Nachman Leibowitz have secured $105 million in financing from G4 Capital Partners for their condo project at the site of the former Cascade Linen Factory, according to The Real Deal.
State of Play: Within the assemblage on the border of Williamsburg and Bedford-Stuyvestant, three condo buildings are completed. Two buildings, including the rental, are still under construction, and the remaining two condos are also being finished.
Financing details: The loan package consists of $20 million in construction financing, a $30 million land loan, and a $55 million condo inventory loan secured by 167 residential units across four buildings. It retires the balance on debt previously supplied by Madison Realty Capital in 2017-18.
Project details: The condo complex consists of seven buildings organized as a courtyard-style megablock along Stockton Street, and Myrtle and Marcy avenues. It has 67,700 SF of commercial and community space and one of the buildings contains affordable rental units. Condo prices range from about $780,000 to just under $3 million.
Heard on the Street: G4’s Robert Palumbo told TRD: “We are excited to be part of this transformational project and look forward to seeing it through to fruition.” Galaxy Capital Solutions’ Henry Bodek brokered the deal. [TRD]
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