CB Emmanuel, Services for the Underserved get $20.3M construction loan for affordable rentals in East New York

CB Emmanuel Realty and Services for the Underserved through the entity Alabama Avenue Apartments, LLC as borrower signed a construction loan agreement with lender JPMorgan Chase Bank valued at $20.3 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 461 Alabama Avenue in East New York. The deal closed on July 31, 2020 and was recorded on August 18, 2020.
The developers plan to build affordable housing at the site. The signatory for CB Emmanuel was R. Christopher Bramwell, principal for the firm. Judith Jackson signed for Services for the Underserved.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 40,271 square feet. Those plans include a total of 71 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link