$125MM Construction Loan in DUMBO Financed by Bravo Property Trust and Integritas Capital

NEW YORK, March 14, 2025 (GLOBE NEWSWIRE) -- Bravo Property Trust, in partnership with Integritas Capital, closed a $125M million senior construction loan in Dumbo for an office-to-residential conversion. Bravo Property Trust, a construction and bridge lending affiliate of Bravo Capital, originated and led the senior loan alongside Man Group.

"We are proud to finance best-in-class locations like Dumbo, and sponsors who have a decades long track record of consistent success,” Aaron Krawitz, CEO of Bravo Capital and Bravo Property Trust, said in a statement.

The property is an existing 8-story gut renovated office building that will be converted into multifamily rentals under the new 467m tax abatement program, with a new 11-story vertical condo development on top. The multifamily and condo portions will each have their own class-A amenity space including tenant lounges, outdoor space, and a fitness center. All units overlook the Brooklyn Bridge. Located on the border of Dumbo and Downtown Brooklyn, the subject is proximate to the F, A, and C subway lines offering direct access to Manhattan.

"Our platform is designed to deliver smart, strategic financing that drives transformative projects like this one. The Dumbo conversion is a prime example of revitalizing a top-tier location while creating high-quality housing in a market with strong demand,” Gabi Moshayev, Founder & Chairman of Bravo Property Trust, said.

New York City's new 467m tax abatement program will provide the multifamily portion of the property with a tax abatement for 35 years in exchange for reserving 25% of units for low-income tenants. The abatement provides a 65% exemption for the first 30 years and drops 10% per year starting in year 31.

"At Integritas, we are among the few nationally to have converted office and other commercial buildings to residential in multiple cities under our equity strategy. This expertise supported our ability to close this large and complex loan quickly,” Stephen Palmese, Co-Founder and Managing Principal of Integritas Capital, said.

The completed project will be a landmark 19-story residential tower.

About Bravo Property Trust: Bravo Property Trust is a leading bridge and construction financing platform, which, along with its affiliates, has closed over $1.5 billion in financing. For more information about Bravo Property Trust and Bravo Capital and its services, please visit https://bravocapital.com/ and https://bravopropertytrust.com/ or contact (212-729-4962).

About Integritas Capital: IC is a vertically integrated private equity firm with a broad range of investments with a focus on commercial real estate private equity and private credit. Since 2004, Integritas Capital has been the direct developer or lead investor in $2.5 billion in real estate projects across ground up development, direct investment and preferred equity investment, the acquiring of non-performing loans and the origination of whole loans and mezzanine financing.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85f88b33-5117-4f56-ba47-eec258b132b6