BridgeCity Lends $28M for Williamsburg Multifamily Development

Domes Properties has secured $28 million of acquisition and construction financing to develop a multifamily project in Williamsburg, Brooklyn, Commercial Observer has learned.

BridgeCity Capital provided the loan for Domes’ planned 45-unit apartment building at 87 Havemeyer Street. Domes Properties, through the entity 87 Havemeyer Street LLC, acquired the three-parcel development site for $13 million from Michael Pescatore, PincusCo. previously reported.

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EJ Ehrlich, director of originations at BridgeCity Capital, said the loan marks the start of a new lending relationship with Domes, which he described as “an accomplished sponsor recognized for their development expertise and exceptional track record of execution.” Domes Properties  is a division of Brooklyn-based Domes Management. 

Meridian Capital Group negotiated the transaction.

The Michael Krariem-designed project will rise seven stories and 47,000 gross square feet. Resident amenities will include a fitness center, coworking space, a rooftop lounge, and an outdoor terrace.

Domes Properties did not immediately return a request 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.