555 Broadway Update 02/02/22

Williamsburg Mixed-Use Project Secures $137M Construction Loan

A lot has been happening recently with a vacant development site, located at 555 Broadway in Williamsburg, Brooklyn. Just in this week alone, building permits were filed, and Bridge City Capital shelled out $54 million to purchase the lot. Now it's been reported that SCALE Lending has provided a $137 million loan to joint developers, Loketch Group, Joyland Group, and Meral Property Group to aid in the acquisition of the property and the construction of the new development.

The new building (to be addressed as "275 Lorimer Street") will contain residential units and square feet of commercial space. This will likely come in the form of ground-floor retail. Plans also call for a basement and an enclosed parking garage with enough room for vehicles. Designed by , the structure will stand feet tall and total square feet.

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