Urban View Development, a top Brooklyn condominium developer, has closed two new construction loans to build two ground up condominium development projects in East Bushwick, Brooklyn.
SKW Funding provided both loans: one for $5 million and the other for $5.2 million, lending a total of $10.2 million for the two new condominium buildings at 301 Covert Street and 1229 Putnam Avenue.
Urban View Development plans to build 38 condominium unit—19 at each site—that are now vacant lots a few blocks from each other near Irving Square Park, between Irving and Evergreen Avenues. Each project will have 17 one-bedrooms and 2 two-bedrooms, with starting prices ranging from $470,000 to the mid $700,000s.
According to an Urban View spokesperson, construction has begun and is expected to be completed in July 2018. The developer hired the architectural firm Infocus PC and interior designer Clean Slate on the project.
“We saw an opportunity to lend to an experienced developer with a great project and basis so we proposed very competitive pricing,” said SKW Funding Principal Daniel Wrublin. “We are looking to roll out a larger construction financing platform right now.”
SKW Funding’s Menelik Tefera originated and led the due diligence and execution of the loan.
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