It’s time to start the bulldozers.
The planned Aurora Capital Associates and Midtown Equities housing estate in Brooklyn Heights is poised to kick start after receiving $ 43.5 million in construction loans from Centennial Bank. The lender also took out a $ 21.5 million mortgage from an Israeli discount bank in New York.
JLL’s Scott Eyes brokered the deal. Stanley Keir, brother of Midtown founder Joseph Keir, signed the agreements.
The new funding allows Aurora and Midtown to begin construction on a 20-story mixed-use building at 200 Montague Street, one block from Brooklyn Borough Hall. According to DOB filings, it will include 121 residential units and nearly 7,000 square feet of commercial space.
The project will replace the four-story bank building from the 1960s that Midtown acquired from HSBC Bank in 2007 for $ 25 million, public records show. This site is in a Historic District, so it required Conservation Commission approval in addition to the usual DOB permits.
Midtown submitted plans for the project in April 2019. The documentation lists amenities such as a rooftop terrace, children’s playroom, and a gym.
Aurora and Midtown declined to comment. Completion of the project is scheduled for June 2022.