Invictus Real Estate Partners has secured a $69 million pre-TCO bridge loan for Mason Gray, a 158-unit residential property located in Brooklyn’s Crown Heights. This financing will support the final stages of construction for the seven-story building at 959 Sterling Place, allowing for leasing activities to begin. The loan was arranged by Mike Diaz and Aaron Appel of Walker & Dunlop.
Mason Gray, developed by Hope Street Capital, offers modern amenities such as a fitness center, co-working spaces, residents’ lounge and game room, outdoor patio area and private landscaped courtyard. The property consists of 110 market-rate apartments with primarily one-bedroom units and an additional 48 units under New York City’s Affordable Housing Program (421-a).
According to Eric Scheffler – co-founder and managing partner at Invictus – their partnership remains strong with sponsors due to their ability to provide tailored construction loans in today’s challenging credit market. This sets them apart from traditional bank offerings that are often one-size-fits-all solutions.
The article “Invictus Provides $69M for BK Resi Property” originally appeared on Connect CRE.
