Haussmann Development, and project partner, Kriss Capital, have landed a $38.5 million loan for a 7-story, residential building, set to rise at 827 Sterling Place in Brooklyn's Crown Heights neighborhood. Issued by Urban Standard Capital, this influx of capital will help to fund a majority of the construction costs for the project.

Haussmann Development has secured a $38.5 million construction loan for its project at 827 Sterling Place in Crown Heights, Brooklyn. The seven-story building will include 76 rental units, with 23 of them designated as affordable housing.

Haussmann Development, a New York City-based developer, has secured $38.5 million in construction financing to build a 76-unit rental property on the site of a demolished parking lot in Crown Heights, Brooklyn, Commercial Observer can first report. The 76-unit project is one of the last to use the now-expired 421a tax abatement.

The affordable housing lottery has launched for 168 West 136th Street, an eight-story residential building in Manhattan’s Central Harlem. Designed by architect Nicholas Kazalas and developed by Haussmann Development and Coltown Properties, the structure yields 27 rental units. Available on NYC Housing Connect are nine units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $107,658 to $198,250.