$55M loan gives green light to Crown Heights development
Multifamily development continues its upswing in Brooklyn, as real estate investment group Hope Street Capital recently secured a $55 million construction loan from SCALE Lending for a new development at 959 Sterling Place in Crown Heights.
The 150,000-square-foot, seven-story building will have 158 units, 48 of which will be set aside as affordable housing under the Affordable New York program.
The building is a short walk from Prospect Park, the Brooklyn Children’s Museum and several subway lines.
Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.