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BROOKLYN, NY-Green Street Development LLC has secured more than $53 million of construction financing for a 130-unit condo project in the Greenpoint area here. Canyon-Johnson Urban Fund provided $12.4 million in mezzanine financing and the Bank of New York provided a $41-million senior loan.

110 Green Street Condominiums will include 130 units in the six-story property as well as 67 parking spaces. It is currently in the early stages of development with the first residents should be able to occupy their space in summer 2008. Amenities include a fitness center, library, garden, staffed playroom and bike storage. The one-, two- and three-bedroom units will have floor to ceiling windows, and the upper floors and roof decks will have a view of Manhattan.

“The Green Street transaction is consistent with Canyon’s continued desire to capitalize quality residential and mixed-use projects in New York,” says Bobby Turner, Canyon-Johnson managing partner, in a statement. “We are confident that this residential development will bring increased vitality and value to this well-established neighborhood in Brooklyn.”

Green Street is hoping to attract single business people and young families to the facility–offering another option to the high-priced Manhattan units that these people are often priced out of.

“Green Street has seized a terrific opportunity to introduce homebuyers to affordable living in the Greenpoint neighborhood of Brooklyn with all the amenities one would expect in a Manhattan high rise,” says Christopher Gregg, Bank of New York vice president.

Brooklyn has been seeing an influx in residential units in the last year, with several projects in various stages of construction. As GlobeSt.com reported, the Forte is being developed by the Clarett Group. The $85 million, 106-unit luxury condominium project is being built at 258 Ashland Place at Fulton Street, and is considered the first major residential building in the BAM area. Also NOVO is going up in the Park Slope area. The 12-story, 113-unit luxury building is being developed by Boymelgreen Developers, the Katan Group and Tona Development & Construction.

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