Square Mile Capital Management has provided a $180 million construction loan to the developer behind a planned 29-story tower in Brooklyn.
The financing will allow Manhattan-based Hope Street Capital to complete a planned 280,000-square-foot property at 550 Clinton Avenue in Clinton Hill. The project will include 284 residential units, 60,000 square feet of retail space and an outdoor pool, according to the Commercial Observer.
The landlord’s design won approval from New York’s Landmarks Preservation Committee in 2018. As part of that process, the landlord agreed to make repairs to a landmarked church next to the site, the Church of St. Luke & St. Matthew at 520 Clinton Avenue.
Square Mile has seen an uptick in lending activity recently. In October, it provided a $430 million loan to the owners of the Guardian-Life building in the Financial District. And last month, the lender provided a $200 million debt package to Joseph Chetrit for his redevelopment of the Mary Immaculate Hospital in Jamaica.