827 Sterling Place
Developers Obtain $38.5M Loan for Crown Heights Multifamily Project
Haussmann Development, and project partner, Kriss Capital, have landed a $38.5 million loan for a 7-story, residential building, set to rise at 827 Sterling Place in Brooklyn's Crown Heights neighborhood. Issued by Urban Standard Capital, this influx of capital will help to fund a majority of the construction costs for the project.
To be known as "The Royal", the building is set to contain rental apartments, offered in studio, one, and two-bedroom configurations. Approximately 23 of these units will be dedicated to affordable housing.
Tenant amenities are to include a fitness center, a roof deck, a resident lounge, a children's playroom, and a bicycle storage area. Plans also call for a cellar level and an enclosed parking garage, with enough room for vehicles.
The project site consists of a rectangularly shaped lot, which spans square feet. The new development will replace a 2-story parking garage that currently occupies the property. This will soon be demolished so that construction can begin.