$26M loan paves way for Halpern’s East Houston rentals

331 East Houston Street
331 East Houston Street

Halpern Real Estate Ventures received a $26.1 million construction loan for its 80/20 multi-family development at 331 East Houston Street in the Lower East Side.

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Sovereign Bank granted the loan for a term of three to four years. The project is a 64,000-square-foot, 78-unit rental building on a 8,000-square-foot site. Jon Halpern and other investors put in $14 million in equity to cover the rest of the $40.1 million cost.

Last year, the developers bought 331 East Houston Street and 163 Ridge Street for a total of $4 million, as previously reported. [NYO]Mark Maurer