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Monthly Archives: March 2012

Steelworks Lofts Gets $29M Loan

Steelworks Lofts, a stalled 110,000-square-foot mixed-use condominium development at 76 North 4th Street in Brooklyn’s trendy Williamsburg neighborhood, has received a jump-start. The former steel factory is being converted into an 83-unit rental apartment complex with 20,000 square feet of retail space.

The project secured a $28.4 million acquisition and construction loan on behalf of a partnership between Cayuga Capital Management and Jacob Toll. According to global commercial property research firm Real Capital Analytics, the partnership purchased the note from the previous construction lender in an all-cash transaction, and then acquired the deed on Steelworks Lofts by executing a deed-in-lieu-of-foreclosure.

Steelworks Lofts Gets $29M Loan

Steelworks Lofts, a stalled 110,000-square-foot mixed-use condominium development at 76 North 4th Street in Brooklyn’s trendy Williamsburg neighborhood, has received a jump-start. The former steel factory is being converted into an 83-unit rental apartment complex with 20,000 square feet of retail space.

The project secured a $28.4 million acquisition and construction loan on behalf of a partnership between Cayuga Capital Management and Jacob Toll. According to global commercial property research firm Real Capital Analytics, the partnership purchased the note from the previous construction lender in an all-cash transaction, and then acquired the deed on Steelworks Lofts by executing a deed-in-lieu-of-foreclosure.

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