BEB Capital, Totem, Ofer Cohen, and SK Development have successfully obtained $121 million in financing for their upcoming project at 737 4th Avenue in Sunset Park, Brooklyn. The development will consist of a 14-story building with a total of 187 residential units and retail space.
The funding was provided by Canyon Partners Real Estate LLC and J.P. Morgan through a construction loan worth $96 million. Additionally, Tribeca Investment Group has invested $25 million into the project. The mixed-income housing will include 46 affordable units as well as a Community Benefits Agreement with local organizations to benefit the community.
Leading the financing efforts on behalf of the ownership team were Aaron Appel , Jonathan Schwartz , Adam Schwartz , Keith Kurland , and Michael Ianno from Walker & Dunlop New York Capital Markets team who acted as exclusive advisors for this transaction.The development is expected to be completed by Fall of2025.
