Commercial mortgage brokerage Eastern Union Funding announced yesterday that it has arranged a $13.2 million construction loan to finance the development of a five-story, 63-unit elevator apartment building on the block of Willoughby Avenue between Charles Place and Evergreen Avenue.
The proposed building is planned over six lots of land, which is currently vacant and is adjacent to a former union hall and hospital at 949 Willoughby Avenue. Popular cafe Little Skips is nearby as well.
Perhaps it goes without saying, but some long time Bushwick residents are not happy about the news. “It’s just the same old story of what’s been happening to this neighborhood and city. It’s transforming from a place where normal working and poor people called home to a playground for rich folks of the world,” says Willoughby Avenue resident Tres Myers.
The timeline for the project has yet to be decided upon.
[UPDATE] In a press release announcing the loan, Eastern Union Funding director is quoted as saying ““Investors Bank has a very good pulse on the market and recognizes Bushwick’s rapid gentrification, especially as residents priced out of Williamsburg and Greenpoint seek more affordable places to live, and mixed-use redevelopment projects are taking place, so the lender was very aggressive in accommodating our client’s construction needs.” A publicist for the project tells Bushwick Daily that Willtrout Realty, LLC, the group combining the lots for the project, is unavailable for comment.