757-Flatbush-Ave.-Brooklyn

New Empire Receives $75M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Locally based developer New Empire has received $75 million in construction financing for a new multifamily project that will be located in Brooklyn’s Flatbush neighborhood. The financing consists of a $58 million senior loan from Madison Realty Capital and a $17 million mezzanine loan from Naftali Credit Partners. Designed by Morali Architects with interiors by Paris Forino, the project at 757 Flatbush Ave. will be a nine-story building with 131 residences and 3,348 square feet of commercial space. Units will come in studio, one-, two- and three-bedroom units. Details on the amenity package were not disclosed.

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