575 Grand Street
Update
04/04/22
$87.6M Loan Obtained for Williamsburg Apartment Project
Developer, , recently received an $87.6 million loan for 575 Grand Street; a 9-story residential project, set for Williamsburg, Brooklyn. Secured through SCALE Lending, an affiliate of Slate Property Group, the new funding has allowed the company to purchase the project site, with the remaining amount planned to help finance construction going forwards.
The building will contain rental apartments, with 30% of the units dedicated to affordable housing. Plans also call for an enclosed parking garage with enough room for vehicles. An existing single-story supermarket building would have to be demolished in order to make way for the new development.
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