Urban Standard Capital, USC, a NYC-based fully integrated real estate private equity firm, delivered a $6.18 million construction loan for a six-story mixed-use building at 627 Franklin Avenue in Crown Heights.
The borrower, Avdoo & Partners Development, will use the funding to complete a new ground-up building that will feature 10 rental residential units, each approximately 970 sq. ft., and one commercial space. Located between Dean Street and Bergen Street, the site is a short walk to the Franklin Avenue subway station, serviced by the A and C trains.
The proposed 65-foot-tall development will yield 13,330 square feet, with 9,718 square feet designated for residential space and 1,300 square feet for commercial space. The masonry-based structure will also have a cellar but no accessory parking.
Ralph Kowalczyk of Issac & Stern Architects as the architect of record.
“Urban Standard Capital provided a seamless transaction and a very quick closing turnaround,” said Shlomi Avdo, principal of Avdoo & Partners. “They understand development well which is why they make for a great lending partner.”
