Helaba provides $50 million construction loan to LCOR for 234-rental development

LCOR, a leading real estate investment and development company, closed on construction financing for a new six-story, 234-unit, $100 million rental property to be located at 250 North 10th St. 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 rental building will include 185,000 gross residential s/f in addition to a 117 space parking garage. "With LCOR's past success at 34 Berry and the continued demand for prime rental properties in Williamsburg, we jumped at the opportunity to develop 250 North 10th St.," said David Sigman, LCOR executive vice president and principal. "Our years of experience in the neighborhood and positive feedback from residents at 34 Berry - as we continue to own and manage this property - unquestionably point to the fact that Williamsburg will continue to grow as an in-demand neighborhood. We look forward to offering renters a high quality community to call home." Designed by SLCE Architects, renters at 250 North 10th St. will enjoy high-end residences with a complete package of premium services and amenities for a full service living experience. Homes will range from studio to two-bedroom layouts with a high percentage of one and two-bedroom residences. Each home will feature hardwood flooring throughout, gourmet stainless steel and quartz kitchens, washer/dryers in every home and an abundance of closet and storage space. The building offers amenities such as an attended lobby; 24-hour lobby lounge with coffee service; outdoor landscaped courtyard; top floor entertainment lounge; and a rooftop terrace. LCOR placed the financing itself on behalf of its joint venture with a domestic pension fund. Known for its art, music, dining and shopping, Williamsburg is a highly sought-after neighborhood for its unique urban living experience. Just steps from McCarren Park and the eclectic Bedford Avenue, 250 North 10th Street offers a location at the center of all Williamsburg has to offer. The building is convenient to the Bedford Avenue L train, offering a one-stop commute to Manhattan. LCOR is a real estate investment and development company dedicated to creating better places for people to live, learn, work, travel and play. LCOR specializes in complex urban development, including large-scale multifamily residential, commercial and mixed-use properties that often integrate housing, office, retail and transit components. LCOR is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR developments complete, under construction of in pre-development exceeds $8 billion. Nationally, LCOR has developed more than 20,000 residential units and 16+ million square feet of commercial space. LCOR is principally focused in the eastern United States, with offices in the New York, Washington D.C. and Philadelphia areas. ­ Street - Brooklyn, NY