{"id":208833,"date":"2026-04-24T21:36:41","date_gmt":"2026-04-24T21:36:41","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/208833\/"},"modified":"2026-04-24T21:36:41","modified_gmt":"2026-04-24T21:36:41","slug":"bridgecity-capital-lends-47m-for-prospect-heights-apartments-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/208833\/","title":{"rendered":"BridgeCity Capital Lends $47M for Prospect Heights Apartments \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/castell-group\/\" title=\"Castell Group\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Castell Group<\/a> has secured $47.4 million of construction financing to build a multifamily development in Prospect Heights, Brooklyn, Commercial Observer has learned.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/bridgecity-capital\/\" title=\"BridgeCity Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">BridgeCity Capital<\/a> originated the two-year loan with extension options for the developer\u2019s planned 170-unit apartment project at two adjacent sites on 1029 Dean Street and 1104 Pacific Street. The deal closed Tuesday at an 81 percent loan-to-cost ratio, according to BridgeCity.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/04\/knighthead-student-housing-indiana-university-football\/\" rel=\"nofollow noopener\" target=\"_blank\">Knighthead Lends $40M on Student Housing Near Indiana Football Stadium<\/a><\/p>\n<p>EJ Ehrlich, director of originations for BridgeCity, said the deal was attractive since Castell is a repeat borrower, and demand for rental housing in Prospect Heights has been strong. The 10-story project is slated for completion in mid-2027.\u00a0<\/p>\n<p>\u201cThe transaction reflects the firm\u2019s continued focus on supporting experienced sponsorship in fundamentally strong urban submarkets,\u201d Ehrlich said.<\/p>\n<p>Ehrlich added that the Castell Group project in Prospect Heights reflects a \u201cgrowing pipeline\u201d BridgeCity has for bridge loans on multifamily, condominium and mixed-use assets in \u201cClass A markets\u201d across the country. He noted that Meral Property Group and Loketch Group, affiliates of BridgeCity, are bullish on Prospect Heights, with development projects at 630 Grand Avenue, 817 Classon Avenue and 755 Washington Avenue.\u00a0<\/p>\n<p>\u201cThe proximity of the subject location to Prospect Park, Park Slope and the Barclays Center play a key component in attracting occupants to the newly rezoned Atlantic Avenue corridor,\u201d Ehrlich said.\u00a0<\/p>\n<p>The Brooklyn-based Castell Group, in partnership with Montgomery Street Partners, acquired the adjacent 1029 Dean Street and 1104 Pacific Street sites for $25.15 million, according to <a href=\"https:\/\/commercialobserver.com\/company\/jll\/\" title=\"JLL\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">JLL<\/a>, which arranged the sale for both the buyer and the sellers. The sellers were two LLCs named after the respective addresses.\u00a0<\/p>\n<p>JLL arranged the transaction with a capital markets team led by Mike Mazzara, Ethan Stanton and Brendan Maddigan.<\/p>\n<p>\u201cThe area continues to see strong demand for housing, particularly when there is good access to transit and proximity to established employment and cultural hubs,\u201d Mazzara said in a statement.\u00a0<\/p>\n<p>Castell Group did not immediately return a request for comment.\u00a0<\/p>\n<p>Andrew Coen can be reached at acoen@commercialobserver.com.<\/p>\n","protected":false},"excerpt":{"rendered":"Castell Group has secured $47.4 million of construction financing to build a multifamily development in Prospect Heights, Brooklyn,&hellip;\n","protected":false},"author":2,"featured_media":208834,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[18455,98,100,99,38996,18457,82804,9,24,63],"class_list":["post-208833","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-brendan-maddigan","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-ej-ehrlich","tag-ethan-stanton","tag-mike-mazzara","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/208833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=208833"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/208833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/208834"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=208833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=208833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=208833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}