EJS Group and Hope Street Capital have successfully secured a $108.15 million construction financing package for their upcoming residential development located at 12 Halsey Street in the vibrant neighborhood of Bedford-Stuyvesant, Brooklyn. This impressive project will consist of three buildings, offering approximately 240 rental units with 30% designated as affordable housing under the renowned Affordable New York Program. Spanning over an expansive area of 230,000 square feet, this development will feature top-notch amenities such as a pool, fitness center, lounges, roof gardens and ground-floor retail space along with convenient parking options for residents. The expected completion date for this ambitious project is set for fall of 2025.
The financing package was made possible through Bank OZK’s provision of an $83.15 million senior mortgage loan coupled with a supplementary mezzanine loan worth $25 million from CanAm Enterprises.The transaction was facilitated by Aaron Appel from Walker & Dunlop who represented EJS Group and Hope Street Capital.
This remarkable achievement marks yet another milestone in EJS Group and Hope Street Capital’s successful track record in delivering exceptional developments to meet the growing demand for quality housing options in Brooklyn without compromising on affordability standards.
