Brooklyn rental project receives boost with $102.5 million in construction financing

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Delshah Capital has closed $102.5 million in construction financing for its 20-story rental tower at 22 Chapel St. in Downtown Brooklyn, Commercial Observer has reported.

EverWest Real Estate Partners from Denver provided a $40.5 mezzanine loan while Bank OZK is lending $62 million with senior status. The deal closed on Dec. 31.

Delshash and contractor/builder OTL Enterprises ae co-developing the project designed by CetraRuddy Architecture. The site will include 180 apartments (25 percent qualifying under the Affordable New York Housing Program).

The project is Delshah Capital’s first ground-up development in Brooklyn and is being co-developed by OTL Enterprises. There will also be 2,000 sq. ft. of ground-floor retail space, 15,000 sq. ft. of community space and a rooftop pool.

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