EJS Group and Hope Street Capital have successfully secured a $108.15 million construction financing package for their upcoming residential project located at 12 Halsey Street in the vibrant neighborhood of Bedford-Stuyvesant, Brooklyn. This impressive development, spanning over 230,000 square feet, will consist of three buildings housing approximately 240 rental units. With the goal of providing affordable housing options to the community, this project has designated 30% of its units as affordable under the renowned Affordable New York Program.
The state-of-the-art complex will feature luxurious amenities such as a pool, fitness center, lounges and roof gardens along with convenient ground-floor retail spaces and parking facilities. The estimated completion date for this ambitious venture is set for fall 2025.
Bank OZK has provided an $83.15 million senior mortgage while CanAm Enterprises has supplemented it with an additional $25 million mezzanine loan to make this dream project come true for EJS Group and Hope Street Capital. Aaron Appel from Walker & Dunlop played a crucial role in representing these two esteemed companies during this transaction.
This remarkable achievement by EJS Group and Hope Street Capital marks another milestone towards creating sustainable communities without compromising on quality or affordability.
