Stormfield Funded a $6,500,000 Ground Up Construction Loan in Brooklyn, NY

Stormfield Capital funded a $6,500,000 ground up construction loan to support the construction of seven residential condominiums in the Greenpoint neighborhood of Brooklyn, New York. The well-qualified developer team had held the land for an extended period, refinancing existing construction debt while advancing the project with fully approved plans and permits in place at closing. The loan was structured at 57% LTV. The developers’ demonstrated experience with comparable Brooklyn residential projects, the property’s prime Greenpoint location in one of Brooklyn’s most active condo development submarkets, and the fully permitted construction plan supported Stormfield’s decision to fund this complex development transaction.