Dunn Development signs $72M construction loan for 157-unit project in Brownsville

Dunn Development Corp. through the entity HP Simba Simbi Housing Development Fund Company, I as borrower signed a new construction loan with lender New York City Housing Development Corporation valued at $72 million for the development site (V0) at 401 Chester Street in Brownsville, Brooklyn.
The deal closed on April 29, 2021 and was recorded on May 14, 2021.
(321596536) Plans for a 157-unit, 100,333 square-foot residential (R-2) building were filed on December 20, 2019.
The loan price per project square foot is $717 per the PincusCo analysis.
The owner bought the property on 29-Dec-14, for $98.7 million.
The signatory for Dunn Development Corp. was Ruth Moreira. The signatory for New York City Housing Development Corporation was Esther Toporovsky.

This is a new construction loan.

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