650-658 Madison St, Brooklyn

Property Overview

650-658 Madison St, Bedford-Stuyvesant, Brooklyn, NY is a vacant lot. The future project, designed by ARC Architecture and Design Studio will include 5, four-story townhouses each with 7 units. The development’s 5,000 square feet will include indoor and outdoor recreation spaces and a roof deck.

Situation Overview

650-658 Madison St was made up of three congruent town houses. The property was acquired by Brookland Properties in 2015. Brookland has since demolished the properties and received approved plans for construction of 35 condominium units. The Property is construction ready.

Allenby has secured a $12,000,000 loan on the Property. Allenby funded the initial draw of $5,800,000 and will fund another $1,000,000 upon the sale of the Loan. The Loan has a coupon of Libor +

8.75% with a floor of 10%.

Allenby is in the market to sell this Loan.

Borrower Overview

Brookland Capital is a real estate development and investment firm that specializes in the acquisition and development of real assets, primarily in Brooklyn. Brookland has completed over 30 projects in the area and is considered to be among the top private developers in Brooklyn.