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NEW YORK CITY — New York-based Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit property in Brooklyn’s Crown Heights neighborhood. The developer, Hope Street Capital, will use the funds to support minor construction work required to complete the seven-story building.
Once completed, Mason Gray will feature 110 market-rate apartments, as well as 48 units designated for New York City’s 421-a Affordable Housing Program. Units will primarily come in one-bedroom floor plans. The community will offer amenities such as a fitness center, a courtyard, co-working spaces, lounge and game room with an outdoor patio.
Mike Diaz and Aaron Appel of Walker & Dunlop negotiated the financing.