Seventh Street Development Group has secured a $62.25 million construction loan for the development of a 105,000-square-foot mixed-use property in Crown Heights that will be home to a new 33,000-square-foot Lidl discount supermarket. Eastern Union arranged the loan on behalf of Seventh Street Development Group.
The development is located at 1730 Bedford Ave., at the intersection of Empire Boulevard.
Located two blocks from Brooklyn's popular Prospect Park, this block-long site sits at one of the borough's prime locations.
The multi-use complex will also include 12,000 square feet of additional retail space, 57 residential units totaling 39,000 square feet, 12,000 square feet of class A office space and a 9,000-square-foot community facility.
The mortgage, which covers 100 percent of hard costs, was arranged by Abraham Bergman, president and co-founder of Eastern Union, and company vice president Yossi Orzel.
The floating-rate loan, which runs
