RedHoek+Partners closed on a $4.185 million loan to purchase and renovate three properties in Red Hook, Brooklyn that the local developer plans to turn into luxury rental apartments.
Urban Standard Capital delivered the 18-month loan at 8.85% to RedHoek’s Lee Cohen to purchase these three properties: 253 Van Brunt Street, a 6,600-square-foot building with six residential units and two commercial spaces; 385 Van Brunt Street, a 2,800-square-foot building with three residential units and 93 Verona Street, a parking garage with two spaces attached to 253 Van Brunt.
“Lee Cohen of RedHoek+Partners is pushing the boundaries by creating a product that doesn’t yet exist in Red Hook,” said Urban Standard Capital’s Robert Levine. “Red Hook has a vibrant culinary and arts scene, but the options for luxury apartments are few and far between.”
“RedHoek+Partners is a repeat partner that approaches development with a unique and thoughtful vision that is inclusive of all stakeholders,” Levine added.
RedHoek+Partners is a boutique real estate development group founded by Lee Cohen in Red Hook, Brooklyn. Currently, the company owns seven properties in the neighborhood with the intent of acquiring several more.
Urban Standard Capital, founded by Seth Weissman, is a Manhattan-based real estate investment company focused on lending, acquisitions and development.
