Valley Bank and Cross River Bank have originated a $105 million construction loan that will be used for the development of a 14-story adaptive re-use project spearheaded by sponsors Moinian Group and Bushburg.
The loan for 2840 Atlantic Avenue in the East New York neighborhood of Brooklyn was completed May 24 and Moinian supplied additional preferred equity to fund construction on the asset, which will consist of luxury residential and affordable apartment units, community space, retail units, a landmarked façade and parking upon completion.
The joint venture development is the second collaboration between Moinian and Bushburg, who first worked on a luxury residential project in Brooklyn’s Prospect Lefferts Garden neighborhood in 2019. The East New York project is expected to come online for leasing in the first quarter of 2024 and will feature 320 residential units.
The site for the latest venture currently consists of underutilized pre-WWI industrial buildings at the former Empire State Dairy Site, according to the firms. Atop the 14,000-square-feet of apartment units, the developers will be adding a 52,000-square foot community space and 109 parking spaces. Moinian and Bushburg plan to restore the landmark building as part of the project.
The completed loan is one of Valley’s first since its merger with Bank Leumi USA in April of this year after having kicked off the process in September 2021.
In the first quarter of 2022, Valley increased its total commercial real estate loans by $1.1 billion to $21.9 billion as of March 2022’s end. Valley’s construction loans ticked upward by 17 percent between the final quarter of 2021 and first quarter of 2022 from an estimated $1.9 billion to $2.2 billion.Â
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