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BHI Provides $33MM Construction Financing for Luxury Rental Complex

February 03, 2022, 07:00 AM
Filed Under: Real Estate

BHI's Commercial Real Estate Group provided $33.15 million in acquisition and construction financing to 251 Front Street LLC, developed by CW Realty Group for the development of a new luxury rental complex in the Vinegar Hill section of Brooklyn.

Rising five stories and spanning approximately 65K square feet, 251 Front Street will have 59 residential units and 30 parking spaces. It is located on the Vinegar Hill/Dumbo border, between Bridge and Gold Streets, on one of the last remaining undeveloped parcels in the Dumbo and Vinegar Hill submarkets. Three blocks from the East River waterfront, 251 Front Street will offer convenient access to Flatbush Avenue and I-278, as well as convenient public transportation to Manhattan (F train) and to the Manhattan Bridge and Brooklyn Bridge. The neighborhood features a wide array of choices for dining and shopping.

“The developer CW Realty has a robust track record in the development of numerous office, residential and commercial construction projects in the New York City area, particularly in Brooklyn.  251 Front Street fits well with our strategic focus on multi-family and we welcome the opportunity to partner with the firm. BHI offers knowledge of the local market and quality of execution to facilitate a successful transaction,” said Ilana Druyan, First Vice President, Real Estate International at BHI.

“The expert CRE team at BHI understood our needs and worked closely with us to complete this financing for our new Brooklyn project,” said Cheskie Weisz, CEO of CW Realty.

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