North Park Lofts
Mortar Capital Management is raising capital to acquire and develop a vacant site in a prime section of Brooklyn, New York named North Park Lofts. The offering for the North Park Lofts has a minimum investment of $50,000, and provides investors with a 12% preferred return, followed by 70% of the remaining distributions or profits.
North Park Lofts is located in Williamsburg, Brooklyn – an area that has a bespoke flair, prime retail, and high urban growth. There are multiple transportation options, including the L/G/J/M/Z subway lines, express bus service to Manhattan, and car or ferry access to the greater metropolitan area. Local cyclists can take pride in Williamsburg’s active bike culture. From our building, the Williamsburg Bridge and other destinations can be reached within minutes via multiple bike paths. North Park Lofts is surrounded by the best Brooklyn can offer.
Combining innovative design and thoughtful planning, North Park is expected to be a 47,000 SF sleek, modern building with 4 retail units and 36 residential units. Mortar seeks to design light-filled spaces, generous layouts, unique floor plans, and a curated package of amenities.
Senior Debt: $29,036,266
Preferred Equity: $5,000,000
Construction is expected to begin in Spring 2020, and we anticipate that it will take 24 months. Sales and/or lease-up may commence prior to completion, once a model apartment and showroom are constructed.
Mortar’s strategy prioritizes risk management, investor returns, and project efficiency. Our risk analysis reviews potential exit scenarios at the completion of construction, all of which can be executed based on market conditions. For North Park, exit options include a full lease-up and immediate sale or a unit sale approach.
Get in touch with us to set up a call, or use the contact form at the bottom of this page to inquire for more information.
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