Domes Properties has secured $28 million of acquisition and construction financing to develop a multifamily project in Williamsburg, Brooklyn, Commercial Observer has learned.<\/p>\n
BridgeCity Capital<\/a> provided the loan for Domes\u2019 planned 45-unit apartment building at 87 Havemeyer Street. Domes Properties, through the entity 87 Havemeyer Street LLC, acquired the three-parcel development site for $13 million from Michael Pescatore, PincusCo. previously reported<\/a>.<\/p>\n SEE ALSO: Goodman Capital Leads $44M Condo Inventory Loan on Long Island City Project<\/a><\/p>\n EJ Ehrlich, director of originations at BridgeCity Capital, said the loan marks the start of a new lending relationship with Domes, which he described as \u201can accomplished sponsor recognized for their development expertise and exceptional track record of execution.\u201d Domes Properties<\/a>\u00a0 is a division of Brooklyn-based Domes Management<\/a>.\u00a0<\/p>\n Meridian Capital Group negotiated the transaction.<\/p>\n The Michael Krariem-designed project will rise seven stories and 47,000 gross square feet. Resident amenities will include a fitness center, coworking space, a rooftop lounge, and an outdoor terrace.<\/p>\n Domes Properties did not immediately return a request for comment.<\/p>\n