Developer Heritage Equity Partners has bought out a controlling stake in a new Crown Heights development. The deal values the property at nearly $30 million.
Brooklyn-based Heritage acquired the majority stake in 564 St. John’s Place – currently a parking garage — from Rabsky Group. Plans call for a 130,000-square-foot-plus residential building designed by architect Karl Fischer, most likely a rental, at the site.
Madison Realty Capital provided Heritage with a $23.5 million loan for the deal and may also provide construction financing, according to Crain’s.
“We have an interest in doing a construction loan with this sponsor,” Joshua Zegen, Madison Realty Capital co-founder, said. “There’s so much going on in Crown Heights right now.” [Crain’s] – Christopher Cameron