Invictus Real Estate provides $69 million <br>bridge loan for 158-unit Mason Gray

Brooklyn, NY Invictus Real Estate Partners closed a $69 million pre-TCO bridge loan for the Mason Gray, a 158-unit residential property in the Crown Heights neighborhood. The loan will support minor construction work required to complete the seven-story building located at 959 Sterling Pl., allowing leasing to begin. Walker & Dunlop’s Mike Diaz and Aaron Appel arranged the financing for the project.

Developed by Hope Street Capital, the project offers residences amenities, and location. Amenities include a fully equipped fitness center, multiple co-working spaces, a residents’ lounge and game room with an outdoor patio, and a private landscaped residents-only courtyard.

The property will feature a mix of 110 market-rate apartments, primarily consisting of one-bedroom units, and 48 units designated for New York City’s 421-a Affordable Housing Program.

“By extending flexible loans on sound collateral to esteemed sponsors like Jeffrey Gershon’s Hope Street Capital, Invictus is well-positioned to continue solidifying its presence in New York City’s residential debt market,” said Christopher Pardo, co-founder and managing partner of Invictus.

“Invictus remains a strong partner for sponsors by providing customized construction and bridge loans, even in today’s challenging credit market – a clear advantage over traditional one-size-fits-all bank offerings,” said Eric Scheffler, Invictus’ co-founder and managing partner.