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(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.”

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