Aurora Capital, Midtown Equities secure $44M loan for Brooklyn project

Financing paves way for 121-unit, 110K sf building to continue construction

New York /
Aug.August 26, 2021 04:52 PM
Aurora Capital Associates and Midtown Equities secure $44M loan for Brooklyn Heights apartment building

Founder and principal of Midtown Equities Joseph Cayre, and 200 Montague Street (Beyer Blinder Belle)

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.

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.





    Related Articles

    arrow_forward_ios
    124 South Middle Neck Road in Great Neck, Long Island and Hornig Capital Partners Managing Partner Daren Hornig (Google Maps, Hornig Capital)
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    The Saratoga County construction company owner defrauded homebuyers and lenders out of $1 million, spending money on himself or other jobs rather than the homes he promised to build. (iStock)
    Upstate homebuilder gets prison for failing to deliver
    Upstate homebuilder gets prison for failing to deliver
    Ardie Tavangarian (Photo by Kevin Scanlon)
    LA’s gentleman builder on developing for the ultra-wealthy
    LA’s gentleman builder on developing for the ultra-wealthy
    495 Hoffman Lane in Hauppauge and Beechwood Organization CEO Michael Dubb (Google Maps, Belmont Child Care)
    Luxury senior living could replace shuttered Hauppauge school
    Luxury senior living could replace shuttered Hauppauge school
    66 University Place (Google Maps)
    Grove Press building to be pulverized by luxury condo development
    Grove Press building to be pulverized by luxury condo development
    1223 East New York Avenue with Carlyle Group's Jason Hart (Google Maps, Carlyle Group)
    Carlyle Group scores $32M construction loan for Crown Heights storage facility
    Carlyle Group scores $32M construction loan for Crown Heights storage facility
    A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
    CB1 approves Two Trees’ River Ring, keeping project on pace
    CB1 approves Two Trees’ River Ring, keeping project on pace
    The Closing: Nancy Ruddy
    The Closing: Nancy Ruddy
    The Closing: Nancy Ruddy
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...