Phipps signs $178.3M new construction loan with city for development in Cypress Hills

Phipps Houses through the entity Atlantic Chestnut I Associates L.P. as borrower signed a new construction loan with lender New York City Housing Development Corporation valued at $178.3 million for the development site (V0) at 3301 Atlantic Avenue in Cypress Hills, Brooklyn.
The deal closed on June 25, 2021 and was recorded on July 16, 2021.

The owner bought the property on 26-Aug-15, for $36 million.
The signatory for Phipps Houses was Michael Wadman. The signatory for New York City Housing Development Corporation was Ruth Moreira.
(321184446) Plans for a 403-unit, 398,352 square-foot R-2 were filed on January 27, 2017.
Within a 400-foot radius of 3301 Atlantic Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on March 27, 2020 for a 305,449-square-foot R-2 building with 275 residential units residential units at 110 Dinsmore Place.
One of those two items was a loan which Mutual Housing Association of New York Management, aka MHANY Management borrowed $120 million from NYC Housing Development Corp. secured by the 276-unit rental (D6) on Atlantic Avenue on January 10, 2020.

Direct link to Acris document. link