Masset Knakal Capital Services Closes A $32.1 Million Construction Loan In Prospect Lefferts Gardens
Massey Knakal Capital Services is pleased to announce the closing of a $32.1 million construction loan collateralized by a to-be-built multifamily property located at 33 Lincoln Road in Brooklyn’s Prospect Lefferts Gardens neighborhood. The fully-amenitized property will contain approximately 185,000 square feet, with 133 residential units and 108 parking spaces. The loan featured a 2.5 year term with extension options.
"We executed with a well-established local lender who reacted quickly with a tremendous amount of flexibility, which was key to our client. The sponsors needed to break ground this year, and the lender was able to appreciate the strong metrics of the transaction. Most importantly, this lender will be a valuable resource for the sponsor’s larger projects in the pipeline,” said Massey Knakal’s Preston Flammang, who exclusively handled this transaction.
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet its client needs.MKCS specializes in a variety of debt and equity based real estate financing including fixed/floating rate loans, construction loans, mezzanine loans, bridge loans, preferred equity, and joint-venture equity.