Sprawling Bed-Stuy condo complex lands $105M in financing

first_img Message* G4 Managing Director Robert PalumboThe condo complex consists of seven buildings organized as a courtyard-style megablock along Stockton Street, and Myrtle and Marcy avenues. It has 67,700 square feet 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, offering plans show.Within the assemblage, three condo buildings are completed and fully sold, according to two sources with knowledge of the project. Two buildings, including the rental, are still under construction, and the remaining two condos are completed and being marketed, one source said.Madison Realty Capital loaned the developers $88 million for the first phase of construction in 2017. The lender supplied an additional $100 million the next year for the second phase. G4’s package refinances the balance on the prior debt, sources confirmed.“We are excited to be part of this transformational project and look forward to seeing it through to fruition,” Robert Palumbo, G4’s managing director, said in a statement. He handled the deal along with co-managing principals Jason Behfarin and Robyn Sorid.Contact Erin Hudson Email Address* Tags Share via Shortlink G4’s Jason Behfarin and Robyn Sorid with a rendering of the Cascade complexA massive condo project at the site of the former Cascade Linen factory has sewed up $105 million in financing.G4 Capital Partners provided the debt, which consists of a $20 million construction financing, a $30 million land loan and a $55 million condo inventory loan secured by 167 residential units across four buildings, sources told The Real Deal. Galaxy Capital Solutions’ Henry Bodek brokered the deal.Cascade is being developed by Abraham Brach’s Signature Acquisitions, Isaac Deutsch’s Empire State Management and Nachman Leibowitz on the border of Williamsburg and Bedford-Stuyvestant.Read moreCascade condo project receives additional $100M in financingDevelopers of large Bed-Stuy condo complex score $88M construction loanHasidic investors seek $144M loan for religious housing project at Cascade Linen site Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Bedford-StuyvestantcondosReal Estate Financelast_img

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