A Big Project Actually Gets Financing!

More than a year after we first reported that a joint partnership that included Manhattan-based LCOR, CalSTERS and, ahem, Lehman Brothers had stepped up to buy a large development site at the corner of Berry and N. 12th Streets in W'burg, the group announced that it had secured a $33 million construction loan for the 142-unit rental project. Enough work was done on the foundation before June 30th that the development is grandfathered under 421-a. GMAP

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A big-project in Condoville no less. Savvy investors.

Posted by: dittoburg at February 11, 2009 10:08 AM

I bet these new investors got some pretty tasty terms. Also probably helped that construction costs are coming down. Only folks approaching the level of broker desperation right now are contractors.

Posted by: 2br_or_bust at February 11, 2009 10:18 AM

Looks like Mr. B hasn't been to Williamsburg in a while. This project was financed months ago and just topped off construction on its concrete structure. If you drive by the whole building is there. Its quite impressive actually and the massing fits into the block nicely. With the new bowling place around the corner, brooklyn brewery, and 55 berry and all its friends up the street, as much as it pains me to say it, that whole little micro nabe will probably have some decent energy and street life when everyone moves in.

Posted by: general at February 11, 2009 12:53 PM

This reminds me....anyone know anything about 360 Court? Seems like it has stalled.

Posted by: 2br_or_bust at February 11, 2009 1:03 PM

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February 11, 2009

A Big Project Actually Gets Financing!

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