Development firm Strekte has sealed a $25.3 million loan to refinance debt on its planned 27-story multifamily tower on a former church site in Fort Greene, Brooklyn, Commercial Observer has learned.
Integritas Capital supplied the loan for Strekte’s proposed 240-unit apartment building at 144 Felix Street where the Hanson Place Central United Methodist Church operated from 1931 until 2019. The new structure will be built above the now-vacant, landmarked church. The new financing will enable Strekte to recapitalize the 27-story project, including paying off $10.5 million of previous construction debt.
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“The significant land value, combined with strong sponsorship experience in redeveloping places of worship into residential buildings, supports our conviction in the project’s progression,” Wes Sapone, senior associate at Integritas Capital, said in a statement.
Stephen Palmese, co-founder and managing principal of Integritas Capital, added that Strekte has “unique expertise with redeveloping places of worship” and that the project will deliver “much-needed housing” to Fort Greene.
The FXCollaborative and ADP Architects-designed development will include 60 units designated as permanent affordable housing, New York YIMBY reported in November. Strekte plans to incorporate the church at the base of the tower to house ground-floor retail space and a community facility, according to New York YIMBY.
Officials at Strekte, which is run by Mark Rigerman and Paul Jensen, did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.