Bank of the Ozarks provided a $57 million construction loan to the Crown Heights residential project that CIM Group and LIVWRK have teamed up on.
Plans call for a 12-story residential building located at 111 Montgomery Street and designed by Karl Fischer. LIVWRK purchased the vacant lot from the Brooklyn Botanic Garden in 2015 for $24.5 million, and CIM Group paid almost $30 million to buy into the project in June.
Representatives from Bank of the Ozarks and CIM Group did not immediately respond to requests for comment.
LIVWRK CEO Asher Abehsera said the building would start to rise over the next few months.
“You’ll see us in the ground soon,” he said. “We finished all of our design development, and we’re going to build an exceptionally handsome residential building.”