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.
