OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a $33.2m loan to support the ground-up development of two Class A multifamily residential schemes in Brooklyn’s East New York. The projects, led by New York developer and contractor Empire Management & Construction, will deliver a mix of new market-rate and affordable homes, alongside ground-floor retail space and resident amenities.
The two schemes, located at 240 Highland Place and 236 Highland Place, will comprise a mix of studio, one-bedroom and two-bedroom apartments, with more than 20% of units designated as affordable housing. The larger 240 Highland Place development includes approximately 3,400 sq. ft of ground-floor retail, while residents across both sites will have access to amenities including a gym, rooftop space, recreational and laundry facilities, and bike storage. Located close to Atlantic Avenue and Broadway Junction, the schemes offer strong transport links to Downtown Brooklyn, Manhattan and JFK Airport, contributing to the continued regeneration of East New York.
About Empire Management & Construction: Empire Management & Construction is an experienced New York developer and contractor with over 18 years of experience delivering residential and mixed-use developments across the city. The firm focuses on delivering high-quality housing in well-connected, growing neighbourhoods, contributing both market-rate and affordable homes to areas undergoing regeneration.