Cohen of Leviathan Capital arranges $16.2 million construction loan for 20-unit condo

Brooklyn, NY Peter Cohen of Leviathan Capital arranged a $16.2 million construction loan for a 20-unit condominium development in Greenpoint.

The financing was structured with a 7.75% interest rate (7.25% floor), 24-month term, no prepayment penalty, and an origination fee under 1%.

This transaction was notably complex due to the site’s enrollment in the New York State Brownfield Cleanup Program (BCP). The sponsor is actively executing a Remedial Action Work Plan under NYS DEC oversight to address historical site contamination while advancing construction.

Navigating lender comfort around environmental remediation alongside municipal construction requirements required careful structuring.

Cohen also structured pre-funded deposits to facilitate early procurement of critical hard-cost materials, supporting post-closing construction progress and execution certainty.

This transaction highlights Leviathan Capital’s ability to deliver tailored financing solutions and serve as a strategic resource for complex development projects.

Tags: Finance New York City Multifamily

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