EAST WILLIAMSBURG
LOAN AMOUNT
$7,650,000
BROOKLYN, NY
BRIDGE LENDING
MULTI-FAMILY
JLJ Capital has provided a first mortgage of $5,825,000 and a construction loan of $1,825,000 to refinance and convert the Property, an existing 20,000+ gross square feet 4-story vacant manufacturing building into a mixed-used building with 18 residential units and 3,000 square feet of commercial space, located in the Bushwick neighborhood of Brooklyn.
The project has a strong value-add component along with the construction/conversion boom in East Williamsburg area with increased hotel, office, retail and apartment development, benefiting from Brooklyn’s steady influx of financial back office operations from Manhattan, the rapid growth of a hi-tech/entertainment economy in Dumbo, and robust growth in support services.
A private real estate company that focuses in the Brooklyn, New York market, they have been successful in purchasing and renovating properties for over 10 years with 11 years of experience in development and construction in both residential and commercial.
Currently inventory of properties consists of 15 developments and rehabilitations with a total of more than 160,000 SF in addition to 10 managed properties in Brooklyn, NY.
