Investmates' mixed-use condominium project in Greenpoint, Brooklyn, has landed an $81 million loan.
The development, 19-29 Clay Street, stands to feature 68 units, about 14,000 square feet of retail space and co-working space. Additionally, the 14-story tower calls for a children's playroom, outdoor space, pet spa, garden and a doorman who's present at the property 24 hours. The units contain a mix of one, two, three and four bedroom residences.
S3 Capital, which is providing the construction loan, describes the Northern part of Greenpoint, where 19-29 Clay is located, as an area that provides a "suburban feel within an urban setting." This is exemplified with its surroundings of low-rise buildings, parks, tree-lined streets and proximity to transportation that gets residents to Manhattan and Downtown Brooklyn.
But most importantly, the supply dynamic is favorable for Class A condo projects. Just two of these such developments have been delivered in Greenpoint since 2015 and nothing else within the category under construction currently, according to S3 Capital.
The financing comes after 2022, when S3 Capital provided a $12.15 million land loan to support 19-29 Clay.
“Brooklyn’s neighborhoods, and Greenpoint in particular, have an enduring appeal that continues to attract new residents and investment, Koby Telyas and Idan Shitrit, co-founders of Investmates, said in a statement.
"We’re excited to continue our long-term relationship with S3, whose deep experience in the New York City market, collaborative approach, and thoughtful financing structures have been essential to supporting many of our developments and moving this project forward."
This marks another chapter for Investmates in Brooklyn. In fact, its portfolio shows that all 10 completed projects are located in the NYC borough.
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