St. Johns Place
Brooklyn, NY

Investment Type: Loan Origination
Property Description: Residential Construction
Loan Amount: $63MM

  • MRC originated a $63MM first mortgage loan collateralized by a development site in the Crown Heights neighborhood of Brooklyn, New York.

  • The 34,000 SF site allowed for the development of a 164,000 SF site.

  • MRC had familiarity with the project having previously provided an acquisition loan in June of 2014, and was later called upon to provide the construction financing.

  • The building, when complete, will include 193 residential units and 87 parking spaces, spread across eight-stories and will consist of a blend of studios, one-bedroom, and two-bedroom units.

  • The project was completed in 15 months, and MRC’s loan was refinanced.

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