437 Euclid Avenue
Developer Lands $52.7M Loan for East New York Mixed-Use
Developers, Mega Contracting Group, and Lantern Organization have just secured $52.7 million for an 8-story mixed-use project, soon to rise at 437 Euclid Avenue in East New York, Brooklyn. Issued by Bank of America, the loan will be used to fund construction from the ground up.
The building will primarily contain residential apartments, with most of these offered as Affordable Independent Residences for Seniors (AIRS) units. It will also have square feet of commercial space, located on the ground floor.
437 Euclid Avenue would be constructed on a lot measuring approximately square feet. The property is currently used as a parking lot. Building permits have already been obtained for the project and construction can begin right away if need be.