Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market and more on the debt and equity markets.)

BROOKLYN, NY-Wrightwood Capital has provided $8.7 million to finance the construction of two adjacent properties here. The sponsor, Shlomo Karpen, plans to develop two adjacent luxury residential buildings with a total of 21,000 sf.

Each five-story building will have eight two-bedroom units and two three-bedroom units, with high quality amenities including granite surfaces, hardwood floors, and marble bathrooms. This represents the first transaction between the Sponsor and Wrightwood Capital. The opportunity was sourced through Josh Zegen of Alpine Commercial Capital. Wrightwood Capital structured a thirty month loan.

The Roebling Street property, located at the corner of North 11th and Roebling streets, is in the Williamsburg section of Brooklyn. The property is near a variety of restaurants and retail amenities, art galleries, and McCarren Park, and is a short walk from the Bedford Avenue “L” subway train, which is the first stop out of Manhattan.

“The Williamsburg neighborhood is rapidly being developed into a desirable housing market, providing relatively affordable apartments with a wide variety of amenities and great access to Manhattan with the close proximity of the L train,” comments Dan Hartman, senior director of Investments in Wrightwood Capital’s Connecticut office. “The Sponsor has already had great success in this submarket because of the strong demand for rental and for-sale housing.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.