Natixis Provides $75M Construction Loan for Mixed-Use Development in Brooklyn
NEW YORK CITY — Natixis has originated a $75 million construction loan for the development of 500 Metropolitan Avenue, a mixed-use project located at the corner of Keap Street and Metropolitan Avenue in Brooklyn’s Williamsburg neighborhood. The borrowers are Chetrit Group and Read Property Group. Once completed, the 14-story property will feature a 187-room luxury hotel on the second through seventh floors and 60 residential units on the remaining floors. Additionally, the property will feature a 15,000-square-foot retail space, a 158-space parking garage and 9,000 square feet of indoor meeting and banquet facilities. The financing was arranged by the New York office of Meridian Capital.