Berko & Associates Arranged a $12.5 million Construction Loan

Berko & Associates Capital Markets team announces the successful completion of a $12.5 million construction financing. The loan secured by an eight story 116,000 square feet state of the art building located at 198 Varet Street in the Williamsburg section of Brooklyn, NY. The property is constructed with an efficient immense 15,000 sf floor plates. The developer, PSG Construction, will lease the building to the Williamsburg Charter High School for 30 years. Joe Berko & Nesli Erdogan of Berko & Associates negotiated the loan terms on behalf of PSG Construction. According to Berko, this is one of the most challenging financing transactions the firm has negotiated in the past 12 months. It was very tough and we endured many obstacles to source a lender that would agree to take on construction risk and feel comfortable with a single tenant who is a non-for-profit organization” said Berko.

“But we believed in the project. We represented an exceptionally strong principal with a solid track record, one of a kind property and a financially viable tenant with a long term lease to occupy the space when the work is complete”.