Brooklyn-based Seventh Street Development Group recently announced that it had secured a construction loan in the amount of $62,250,000 for its mixed-use development in Crown Heights.

Eastern Union President and Co-Founder, Abraham Bergman, as well as Vice President Yossi Orzel, arranged the mortgage. The floating-rate loan, which encompasses a two-year term, covers 100% of the hard costs and was provided by New York-based Invictus Real Estate Partners, together with New York-based Maxim Capital Group and Beach Point Capital Management of Santa Monica, Calif.

“In today’s marketplace, it’s challenging to secure a substantial construction loan for a commercial project,” Bergman said. “Our success here is attributable to the quality of the Eastern Union team, and also to the fact that we were able to work with a well-organized developer who approached the process with reasonable expectations.”

Located on Bedford Avenue at the intersection of Empire Boulevard, the site sits two blocks from Brooklyn’s popular Prospect Park in one of the borough’s most sought-after locations. The mixed-use property will total 105,000 square feet, 30,000 of which will be class A Brooklyn retail space reserved for a new Lidl discount supermarket.

The Lidl store will include a bakery and offer fresh produce, floral, meats, and seafood sections, as well as an assortment of other everyday grocery essentials that consists of private label products, the majority of which are sourced in the U.S.

“We are thrilled to be bringing Lidl’s high-quality groceries, low prices, and convenient shopping experience to the Crown Heights community,” said Or Raitses, senior director of real estate for Lidl’s northern region. “We look forward to continuing our expansion in New York City and opening even more stores in the future, bringing our unique value proposition to additional areas of the city where New Yorkers for far too long have had to put up with high grocery prices.”

Based in Arlington, Va., Lidl operates more than 170 stores on the East Coast, 27 of which are in New York state. Within New York City, Lidl currently operates stores in Staten Island, Harlem, and Astoria.

The Seventh Street Group’s development at 1730 Bedford Ave. will also include: 12,000 square feet of additional retail space; nearly 57 residential units totaling nearly 40,000 square feet; 12,000 square feet of Class A Brooklyn office space; and a 9,000-square-foot community facility.

“It is a privilege to be bringing this project to Brooklyn’s Crown Heights community,” said Jack Gold, co-founder and chief operating officer of Seventh Street Development Group. “Working with Eastern Union has allowed us to focus on our active construction project, while simultaneously sourcing and building this loan. We’re confident that Lidl will be a welcome addition to the neighborhood, and we’re now engaged in preliminary discussions with other national retailers about leasing opportunities at this property.”

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