Halpern Real Estate Ventures received a $26.1 million construction loan for its 80/20 multi-family development at 331 East Houston Street in the Lower East Side.
Sovereign Bank granted the loan for a term of three to four years. The project is a 64,000-square-foot, 78-unit rental building on a 8,000-square-foot site. Jon Halpern and other investors put in $14 million in equity to cover the rest of the $40.1 million cost.
Last year, the developers bought 331 East Houston Street and 163 Ridge Street for a total of $4 million, as previously reported. [NYO] — Mark Maurer