Invictus Real Estate Partners, a New York-based vertically integrated real estate private equity company, has announced the closing of a $69 million pre-TCO bridge loan for the Mason Gray, a residential property at 959 Sterling Place in Crown Heights, Brooklyn. The loan will support the completion of minor construction work on the seven-story building, allowing leasing to begin. Walker & Dunlop’s Mike Diaz and Aaron Appel arranged the financing for the project, which was developed by Hope Street Capital.
Rendering of 959 Sterling Place. Designed by Morris Adjmi Architects
The Mason Gray was designed by Morris Adjmi Architects. It yields 158 units over approximately 150,000 square feet. Homes break down to 110 market-rate apartments and 48 affordable units, available in layouts ranging from studios to two-bedrooms. The building features a variety of amenities, including a fitness center, multiple coworking spaces, an outdoor patio, and a private landscaped courtyard.
The façade of the building is made up of red brick, double-hung windows, and pitched roofs with dark gray zinc shingles. Construction for the project began in 2021 after an extended approval process with the Landmarks Preservation Commission.
Rendering of 959 Sterling Place. Designed by Morris Adjmi Architects
“By extending flexible loans on sound collateral to esteemed sponsors like Jeffrey Gershon’s Hope Street Capital, Invictus is well positioned to continue solidifying its presence in New York City’s residential debt market,” said Christopher Pardo, co-founder and managing partner of Invictus.
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and those 48 affordable units starts at 100,000 too 200,000 a year income and the remaining 110 units are market rate, once again another slap in the face of the black people in that community which by the way is a low income neighborhood, more high income housing going into low income neighborhoods, don’t be surprised by the new tax break 485x will do the same b.s, crown heights becoming more unaffordable for the average person, shame these greedy developers, and no good politicians who really don’t want to fix the housing crisis
Black and median income so I think they can, the area was not rural for increasing rents: Thanks.
They did a great job with these buildings but it really is shameful how they got away with calling these apartments “affordable” when the difference in cost between a market rate and “affordable” studio is less that $100/month. It just continues the trend of developers encouraging wealthier people to move to poorer neighborhoods so that the median area income climbs upward and brings rents up with it. That way they can make more money from renting “affordable” apartments.