W’burg development gets $50M construction loan

March 19, 2012 04:30PM

LCOR has secured a $50 million construction loan from German bank Helaba to develop a 234-unit rental building in Williamsburg, according to Crain’s. As previously reported, LCOR purchased the vacant site, located at 250 North 10th Street between Roebling and Union avenues in Williamsburg, last year. Construction is slated to begin immediately, with leases anticipated to begin in the fall of 2013.

The property, designed by SLCE Architects, will span six stories, 185,000 square feet and will include a 117-space parking lot. It will have a mix of studios and one- and two-bedroom apartments. In addition, the building will have an attended lobby, 24-hour lounge in the lobby with coffee service, outdoor courtyard, entertainment lounge on the top floor and rooftop terrace.

LCOR, a Pennsylvania-based real estate investment and development firm, developed 34 Berry, a nearby rental building in 2010. [Crain’s]