57 Caton Place, LLC, an affiliate of Aview Equities, has received a $66 million construction loan from Parkview Financial for its nine-story, 131-unit apartment project located at 57 Caton Place in Brooklyn, N.Y. With this loan in place, construction has now commenced, with completion anticipated for January 2024.
The borrower is utilizing the local 421-A tax abatement program, which will freeze the taxes for 25 years and then will limit the taxes for an additional 10 years. As part of that program, 98 units will be market rate, while 33 units will be reserved for affordable housing.
The fully entitled project will total 130,569 square feet and is situated on a 23,702-square-foot site. The unit mix includes 14 studios (eight affordable), 55 one-bedroom units (eight affordable), 57 two-bedroom units (17 affordable), and five market-rate three-bedroom units. The project will include a 24-hour concierge, co-working space, fitness center, game room and roof deck.
â€
