Bravo Property Trust closed a $125 million senior construction loan in Dumbo for an office-to-residential conversion. Bravo Property Trust, a construction and bridge lending affiliate of Bravo Capital, originated and led the senior loan alongside Man Group.
We are proud to finance best-in-class locations like Dumbo, and sponsors who have a decades long track record of consistent success.Aaron Krawitz, CEO of Bravo Capital and Bravo Property Trust
The property is an existing 8-story gut renovated office building that will be converted into multifamily rentals under the new 467m tax abatement program, with a new 11-story vertical condo development on top. The multifamily and condo portions will each have their own class-A amenity space including tenant lounges, outdoor space, and a fitness center. All units overlook the Brooklyn Bridge. Located on the border of Dumbo and Downtown Brooklyn, the subject is proximate to the F, A, and C subway lines offering direct access to Manhattan.
New York City’s new 467m tax abatement program will provide the multifamily portion of the property with a tax abatement for 35 years in exchange for reserving 25% of units for low-income tenants. The abatement provides a 65% exemption for the first 30 years and drops 10% per year starting in year 31.
The completed project will be a landmark 19-story residential tower.
About Bravo Property Trust: Bravo Property Trust is a leading bridge and construction financing platform, which, along with its affiliates, has closed over $1.5 billion in financing.