EJS Group, in partnership with Hope Street Capital, have successfully closed on a $108.15 million construction financing package for their upcoming residential development at 12 Halsey Street in Bedford-Stuyvesant, Brooklyn. This project, also referred to as 1215 Fulton Street, is part of the Affordable New York Program and comprises three buildings with approximately 240 rental units, with 30 percent allocated as affordable housing.
Spanning approximately 230,000 square feet, 12 Halsey Street will comprise of various residential amenities, including a resort-style pool, a state-of-the-art fitness center, a tenant lounge, multiple landscaped roof gardens, prime ground-floor retail space, and parking facilities. Completion is expected in the fall of 2025.
The financing package comprises a $83.15 million senior mortgage loan from Bank OZK and $25 million in mezzanine financing provided by CanAm Enterprises. Aaron Appel of Walker & Dunlop represented EJS Group and Hope Street Capital in this transaction.
“We’re proud to partner with Hope Street Capital on 12 Halsey Street, a new rental building in Brooklyn’s Bed-Stuy neighborhood,” said Ted Segal, president of EJS Group. “Securing the support of Bank OZK and CanAm Enterprises for the second time in two months with combined loan proceeds across the two projects totaling nearly $250 million, especially in such a challenging market, speaks volumes about our firm’s vision and capabilities as well as our financial partners’ confidence in our forthcoming development and the leadership of the Estreich & Company and Walker & Dunlop teams. The closing of this most recent financial package not only enables us to deliver exceptional residential projects in both Manhattan and Brooklyn but it also reflects our long-term commitment to New York City.”
When completed, 12 Halsey Street will be located in close proximity to Prospect Park, the Brooklyn Museum, and Brooklyn Botanic Garden, as well as various subway lines, offering easy access to Manhattan and other Brooklyn neighborhoods.
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What a pompous entrance! I am not certain the “bites” out of the building do anything.
Enough of these gimmicky sore thumbs. Build something contextual for once.
Having financial stability is a good result like this, nice that investment and development get together with the support: Thanks.
Doesn’t NYC deserve architects with skills beyond freshman foundations? What is this junk? Children can do a better job designing on SIMS. Enough with architects that have the skill level of children.