Est4te Four, the Los-Angeles based developer that is turning a former warehouse in Red Hook into 70 luxury condos, obtained $50 million in loans to move forward with the conversion.
The developer, which bought the industrial space at 160 Imlay Street for $25 million in 2012, obtained the loans from Turin-based banking group Intesa Sanpaolo, according to property records filed on Wednesday.
Separate records indicate the bank loaned the developer a total of $50 million, including a $40.8 million construction loan, a $1.2 million project loan and an $8 million acquisition loan.
Led by CEO Alessandro Cajrati Crivelli, who moved to California from Italy, Est4te Four plans to turn the former New York Dock Building into 70 loft-style condos, according to the building’s website.With 12- to 16-foot ceilings, the condos will have Italian touches throughout, such as steel window frames and 10-foot doors made in Italy. The kitchens were designed with Italian manufacturer Dada Molteni.
Patty Larocco of Douglas Elliman is marketing the property, which is set to be completed in the summer of 2016. Calls to Larocco and Est4te Four weren’t immediately returned.
In July, Est4te Four bought a parking lot at 62 Ferris Street and a parcel at 219 Sullivan Street, its fourth development site in Red Hook. Its portfolio already included 1 million square feet of Brooklyn industrial properties, including 202 Coffee Street, which will be converted into a mixed-use space.