Although Elrob Realty laid the foundation for a new condo project at 150 North 12th Street in Williamsburg in 2008, the developer only just secured the funding to continue building the roughly 46,000-square-foot rental development.
Eastern Union Funding provided Elrob, which has owned the land for more than four decades, with $18 million to complete the project.
In 2008, it “was not the right time for a construction loan,” Jonathan Singer, director at Eastern Union, told The Real Deal.
Architect Michael Muroff, who is behind at least two other Williamsburg developments, is designing the seven-story, 54-unit building. The rendering of the project was first spotted by Curbed.