Real estate development company EJS Company, in partnership with Hope Street Capital, has closed a $108.15 million construction financing package for a residential development in the Bedford-Stuyvesant neighborhood of Brooklyn. The multifamily project, 12 Halsey St., is being developed under the Affordable New York Program.
The planned community will feature three buildings and approximately 240 rental apartments. Some 30 percent of the total apartment unit mix is designated affordable under the 421a program. Also offered within the approximately 230,000-square-foot development will be a number of residential amenities, including multiple landscaped roof gardens. Featured as well within the building will be ground-floor retail space and parking. The development is slated for completion in autumn of 2025.
Bed-Stuy’s heart
The financing package features two primary components. First, $83.15 million of the total $108.15 million is in the form of a senior mortgage loan furnished by Bank OZK. The remaining $25 million mezzanine financing was provided by CanAm Enterprises.
Walker & Dunlop’s Aaron Appel, senior managing director and co-head of New York Capital Markets for the firm, represented EJS Group and Hope Street Capital.
The completed multifamily residential project will place residents in the heart of Bedford-Stuyvesant, an enclave characterized by historic brownstone apartment buildings, tree-lined streets, an eclectic restaurant scene and varied cultural venues. Residents will have easy access to an array of area treasures, such as legendary Prospect Park, the Brooklyn Museum and Brooklyn Botanic Garden. Residents will be within walking distance of several subway lines, including the A, C, J, Z and M trains.
Earlier this month, CAMBA Housing Ventures broke ground on Clarkson Estates, a $238 million supportive housing project in Brooklyn slated for completion in 2026.
