Natixis Provides $75 Million of Floating-Rate Construction Financing on a Williamsburg Mixed-Use Project
Natixis originated a $75 million construction loan to New York-based Chetrit Group and Read Property Group.
The project, 500 Metropolitan Avenue, is a mixed-use ground-up development located at the corner of Keap Street and Metropolitan Avenue in Brooklyn’s Williamsburg neighborhood. Once completed, the property will consist of a 14-story building with a 187-room full-service luxury boutiquestyle hotel structure located on floors 2 through 7 and 60 residential units located on floors 8 through 14. The property will also feature a 15,000 sf stand-alone retail space, a 158-space parking garage, and 9,000 sf of indoor meeting and banquet facilities.
Natixis is actively lending in the greater New York market.
The financing was arranged by the New York office of Meridian Capital.