Flammang of Massey Knakal closes $32.1 million construction loan

Massey Knakal Capital Services has closed on a $32.1 million construction loan collateralized by a to-be-built multifamily property located at 33 Lincoln Rd. in Prospect Lefferts Gardens. The fully-amenitized property will contain 185,000 s/f, with 133 residential units and 108 parking spaces. The loan featured a 2.5-year term with extension options. "We executed with a well-established local lender who reacted quickly with a tremendous amount of flexibility, which was key to our client. The sponsors needed to break ground this year, and the lender was able to appreciate the strong metrics of the transaction. Most importantly, this lender will be a valuable resource for the sponsor's larger projects in the pipeline," said Massey Knakal's Preston Flammang, who exclusively handled this transaction.