BHIa full-service commercial bank, announced that its Commercial Real Estate Group has offered $33.15 million to 251 Front Street LLC, which is being developed by CW Realty Group for the development of a new luxury rental complex in the Vinegar Hill neighborhood Brooklyn provided acquisition and construction financing.
251 Front Street is five stories high and covers an area of approximately 65,000 square feet. It will have 59 residential units and 30 parking spaces. It is located on the Vinegar Hill/Dumbo border, between Bridge Street and Gold Street, on one of the last vacant lots in the Dumbo and Vinegar Hill submarkets. Three blocks from the East River bank, 251 Front Street offers easy access to Flatbush Avenue and I-278 as well as convenient public transportation to Manhattan (F-Train) and the Manhattan Bridge and Brooklyn Bridge. The neighborhood offers a wide variety of dining and shopping options.
“Developer CW Realty has a solid track record of developing numerous office, residential and commercial developments in the New York City area, particularly in Brooklyn. 251 Front Street aligns well with our strategic focus on multi-family housing and we welcome the opportunity to work with the firm. BHI provides local market knowledge and quality of execution to facilitate a successful transaction,” said Ilana Druyan, BHI’s First Vice President, Real Estate International.
“BHI’s experienced CRE team 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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