Developer Gets $280M Loan For Mixed-Use Building On Demolished Library Site: Reports

BROOKLYN HEIGHTS — Developers planning to build a 36-story condo on the site of a demolished public library have secured a $280 million loan to begin construction, according to reports.

Hudson Companies, the developers of a new mixed-use condo and public library building slated for 280 Cadman Plaza West near Clinton Street, secured the loan after purchasing the lot from the Brooklyn Public Library for $52 million, Curbed NY reported.

Starwood Property Trust provided $200 million and Related Fund Management provided $80 million in a deal which closed on Thursday, according to the Wall Street Journal.

The new building will house 134 condominiums, a 26,620-square-foot public library, a Brooklyn Roasting Company coffee shop, a rotation of Smorgasburg-curated pop-up eateries, and a 9,000-square-foot STEM lab available to students in District 13, according to the developer’s website.

The Cadman Plaza branch of the Brooklyn Public Library shut down last summer and will operate out of the Our Lady of Lebanon Church at 113 Remsen St. until the $470 million project is completed in 2020, Curbed NY reported.

Header photo courtesy of GoogleMaps/Sept. 2014