Wrightwood Finances Apartment Development

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BROOKLYN, NY-Chicago-based Wrightwood Capital provided $7.3 million in construction financing for a 32-unit apartment building here. The property is located at 924-932 Metropolitan Ave. Rush Brook Partners LLC, consisting of David Schwartz and Deepak Raj, are sponsors for this transaction.

The current 25,000-sf warehouse building will be demolished to make way for the apartments, according to a release. The new building will be five stories with both one- and two-bedroom units. A fitness center, 18 parking spaces and 32 units of storage are also part of the plan. Rush Brook will qualify for 25 years of tax abatement and plans to utilize the opportunity to reduce the tax bill. Further details of the project were not released.

“The area surrounding the property mainly consists of single-family housing, three-story row houses or older walk ups that are being torn down and replaced with high density projects,” says Dan Hartman, senior director, investments in Wrightwood Capital’s Stamford office, in the statement. “Demand for rental housing in Brooklyn remains very strong which should result in the successful completion of this project.”