Hard Money Mobile has just granted a $1.95 million construction loan to 1266 Pacific LLC, in Crown Heights. This prime property, which was purchased one year ago, is one of the most sought-after residential areas in Brooklyn, NY.
The building plans call for a five-story structure housing 10 residential apartments. A community facility space, retained by the owner, will be established in the basement for the use of the residents.
The total cost for the project is estimated at $3,350,000 and the borrower appraises the value upon completion at $6,000,000.
The borrower is an experienced builder with 10 similar projects successfully completed.
A broker’s fee of $19,000.00 was paid at the closing.