Borough Developers has nabbed $44 million of construction financing to build a multifamily development in Brooklyn’s Gowanus neighborhood, Commercial Observer has learned.
BridgeCity Capital originated the bridge loan on the sponsorship’s planned 13-story luxury apartment building on 526 Baltic Street. The property, previously home to a one-story commercial building, is in an area along the Gowanus Canal that was rezoned two years ago, enabling developers to build up to 22 stories.
The 525 Baltic development will feature 100 units along with ground-floor retail and resident parking. Thirty percent of the apartments will be designated as affordable under the state’s expired 421a tax abatement program.
The project is slated for completion in roughly two years.
Officials for BridgeCity Capital and Borough Developers did not immediately return requests for comment.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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