Rogers Builders & Development secures a $21 million loan to develop a 99-unit mixed-use project at 72 West Street in Brooklyn's Greenpoint neighborhood.
Developer Yossel Lichtman of Rogers Builders & Development has secured $21 million in acquisition and construction financing from Bridge City Capital for a development site at 72 West Street in the Greenpoint neighborhood of Brooklyn. The site, which currently contains an obsolete water tower, was acquired by Lichtman for $25.56 million and provides 54,375 buildable square feet as-of-right, with potential expansion to 70,687 square feet under the city's Universal Affordability Preference program.
Plans for the parcel include a 99-unit mixed-use development consisting primarily of multifamily housing. The financing, which carries a 12-month term with extension options, represents an 80 percent loan-to-value ratio for the project.
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