BHI, a full-service commercial bank, announced that its commercial real estate group has provided $33.15 million in acquisition and construction financing to 251 Front Street LLC, developed by CW Realty Group for the development of a new luxury rental complex in the Vinegar Hill section of Brooklyn.
Rising five stories and spanning approximately 65,000 square feet, 251 Front Street will feature 59 residential units and 30 parking spaces. It is located on the Vinegar Hill/Dumbo border between Bridge and Gold streets on one of the last undeveloped parcels of the Dumbo and Vinegar Hill submarkets. Three blocks from the East River waterfront, 251 Front Street will provide convenient access to Flatbush Avenue and I-278, as well as convenient public transportation to Manhattan (F train) and to the Manhattan and the Brooklyn Bridge. The neighborhood offers a wide range of choices for restaurants and shops.
“Developer CW Realty has a strong track record in developing numerous office, residential and commercial construction projects in the New York area, particularly in Brooklyn. 251 Front Street fits well with our strategic focus on multi-family housing and we welcome the opportunity to partner with the company. BHI offers local market knowledge and quality of execution to facilitate a successful transaction,” said Ilana Druyan, Senior Vice President, International Real Estate at BHI.
“BHI’s team of CRE experts understood our needs and worked closely with us to complete this financing for our new Brooklyn project,” said Cheskie Weisz, CEO of CW Realty.
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