Time to ready the cranes.
Aurora Capital Associates and Midtown Equities’ planned residential development in Brooklyn Heights can move ahead after receiving $43.5 million in construction loans from Centennial Bank. The lender also took over a $21.5 million mortgage on the property from Israel Discount Bank of New York.
Scott Aiese of JLL brokered the deal. Stanley Cayre, brother of Midtown founder Joseph Cayre, signed off on the agreements.
The new funding allows Aurora and Midtown to continue work on the 20-story mixed-use building at 200 Montague Street, a block from Brooklyn Borough Hall. It will include 121 residential units and nearly 7,000 square feet of commercial space, according to DOB filings.
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The development will replace a four-story bank building constructed in the 1960s, which Midtown acquired from HSBC Bank for $25 million in 2007, public records show. The site falls within a historic district, so it needed approval from the Landmark Preservation Commission on top of regular DOB permits.
Midtown filed plans for the project in April 2019. The filings list amenities such as a rooftop terrace, children’s playroom and gym.
Aurora and Midtown declined to comment. The project is set to be completed in June 2022.