June 30, 2020
Conway Capital, based in Brooklyn Heights, closed on an $8.892-million acquisition loan from Urban Standard Capital for four residential and mixed-use properties across Brooklyn. Conway paid $11.5 million for the properties.
Totaling 14 residential units, the properties include:
– 74 First Pl. in Carroll Gardens
– 228 Livingston St. in Boreum Hills
– 710 DeGraw St. in Park Slope
– 302 E. 5th St. in Park Slope
“This was a very complex transaction,” said Urban Standard Capital’s Charlie Brosens. “All the residential units were delivered vacant at closing or shortly after. As a result, the portfolio had no positive cash flow and we didn’t have an interest reserve on our loan or any funds held back at closing for the construction work. From the time we received the term sheet, we closed in under 30 days.”
Brosens and colleague Seth Weissman delivered the financing. Mercury Capital’s Eric Gleitman represented Conway.
Pictured: 302 E. 5th St.
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