Naftali Group and Access Industries have closed on a $375 million construction loan to complete a three-tower development at 470-490 Kent Avenue in South Williamsburg, Brooklyn. Designed by Hill West Architects, the buildings will sit on the East River waterfront and top out at 16, 21, and 22 stories.
The affordable housing lottery has launched for 269 Wallabout Street, an eight-story mixed-use building in South Williamsburg, Brooklyn. Designed by Fischer + Makooi Architect and developed by Rabsky Group, the structure yields 159,098 square feet and 128 parking spaces. Available on NYC Housing Connect are 77 units for residents at 40 to 115 percent of the area median income (AMI), ranging in eligible income from $29,760 to $202,515.
The affordable housing lottery has launched for The Dime, a rental building above the historic Dime Savings Bank at 275 South 5th Street in South Williamsburg, Brooklyn. Designed by Fogarty Finger Architects and developed by Charney Companies and Tavros Holdings, the structure yields 177 residences. Available on NYC Housing Connect are 17 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $72,378 to $156,130.
Xin Development Group has closed on a $45 million inventory loan for The Oosten Condominiums in South Williamsburg, Brooklyn. The owner and developer will use the inventory loan to pay off remaining construction loans secured to finance completion of the property.
Loketch Group, the Joyland Group, and Meral Property Group have formed a joint venture to begin a new mixed-use project at 555 Broadway in Brooklyn. The address represents a large, wedge-shaped assemblage on the border of South Williamsburg and Broadway Triangle.