$21,750,000 construction loan for a multi-family residential project in Brooklyn, New York
In 2011, Hinckley Allen represented a large national bank, as Agent and Lender, in connection with the making of a complex $21,750,000 real estate secured construction loan for the re-development of a seven-story, sixty two (62) unit apartment building in the Williamsburg section of Brooklyn, New York. The Borrower had purchased the property at foreclosure, and was seeking to complete improvements to the building and re-lease the building once renovated. The project involved the Borrower obtaining a New York 421a tax abatement in connection with the rehabilitation. Hinckley Allen skillfully guided all parties through the closing process, prepared and negotiated all loan documents, and reviewed all real estate and corporate due diligence.