🚨 Breaking in Brooklyn — Developer Joel Schwartz just secured a $72 million construction loan from BridgeCity Capital for a 117-unit multifamily project at 236 Gold Street, Downtown Brooklyn (DoBro) 🌆.
With 30 income-restricted units, an 80% loan-to-cost ratio, and rezoning underway, this is a major play in a tough lending environment.
🔑 Why it matters:
- 🧱 Ground-up, 14-story multifamily
- 🧾 18-month loan with flexible extensions
- 🌱 Transforming a long-vacant lot into vibrant housing
“This deal reflects a commitment to financing high-quality, ground-up projects where strong sponsorship and market fundamentals intersect.” — BridgeCity’s EJ Ehrlich
🎯 Schwartz isn’t new to the scene — he’s behind projects in Williamsburg and recently bought land for a 53-unit development.
📍Location perks: Near Concord St., BQE overpass, Flatbush Ave — prime urban living potential!
💬 Developers, investors, and urban planners — is DoBro the next hotspot? Let’s talk!
#RealEstate #BrooklynDevelopment #MultifamilyHousing #JoelSchwartz #ConstructionLoans #BridgeCityCapital #UrbanDevelopment #NYCRealEstate #HousingMarket 🏙️