Colorado Federal Bank Lends $23M for Brooklyn Apartments at Former Event Space

Double U Development has sealed $23 million of construction financing to transform a former Brooklyn music and wedding venue into apartments, Commercial Observer has learned.

Colorado Federal Bank supplied the loan for the developer’s 60-unit multifamily project at 144 Greenpoint Avenue in Brooklyn’s Greenpoint neighborhood. The site was home to the Polonaise Terrace wedding venue until 2016 before turning into the Brooklyn Bazaar concert hall. Double U acquired the property for $8.9 million in January 2026 from MacArthur Holdings nearly seven years after Brooklyn Bazaar was closed.

Parallel CRE’s Richard Sutton negotiated the debt, which also retires past land acquisition debt in addition to funding construction costs.

Michael Weitzman, founder and CEO of Double U, filed plans in May 2025 to turn the vacant two-story property into a multifamily and retail building, CO reported at the time. Double U is planning an eight-story building slated for completion in 2028.

Total project costs are estimated at $30 million with the $23 million loan funding 100 percent of the go-forward construction costs, according to Sutton. The development received necessary approvals from New York City’s Landmarks Preservation Commission and qualified for a 485-x tax exemption since a portion of the units will be designated as affordable housing.

Colorado Federal Bank and Double U Development did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.