Pollack Shores Real Estate Group paid $7 million for about 7 acres in Riverside and landed a $28.4 million mortgage to develop "The Brooklyn Riverside," a 310-unit apartment project.
Through NW/PSREG Brooklyn Owner LLC, Pollack Shores bought the property from P&L Riverside LP, the Pope and Land group that initially planned to develop the site.
The deed was signed and the mortgage from PNC Bank issued on Nov. 1.
The city is reviewing building permits for The Brooklyn Riverside at 100 Magnolia St.
As reported, construction is expected to start this month and the first phase could be completed late summer or early fall 2014. Pollack Shores Real Estate Group of Atlanta, shown as the owner on a list of team members, has applied for building permits for the $24.8 million project.
The project encompasses seven buildings that total 310 residential units on the 7.96-acre site. Plans show four four-story buildings and three three-story buildings. Average rental rates will be between $950 and $1,500.
The Brooklyn Riverside will be built near 220 Riverside apartment and retail project and the Shoppes on Riverside, a retail development that will be anchored by The Fresh Market.
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