BROOKLYN—LCOR closed on construction financing for a new six-story, 234-unit $100 million rental property to be located at 250 North 10th Street in Williamsburg. The project is slated for completion in 2013.
LCOR secured a $50 million construction loan for the project from Helaba and plans to break ground immediately. Leasing is anticipated to begin Fall 2013.
The high-end rental building will be located on North 10th Street between Roebling and Union Avenues. 250 North 10th Street will include 185,000 gross residential sq. ft. in addition to a 117 space parking garage.
Designed by SLCE Architects, 250 North 10th Street will feature a complete package of services and amenities. Homes will range from studios to two-bedrooms, with a high percentage of one- and two-bedroom residences to better meet the demands of Williamsburg’s market.
LCOR placed the financing itself on behalf of its joint venture with a domestic pension fund.
