Colorado Federal Bank Funds $23 Million Brooklyn Multifamily Conversion

Double U Development has obtained $23 million in construction financing from Colorado Federal Bank for a new multifamily project at 144 Greenpoint Avenue in Brooklyn, New York. The loan will facilitate the conversion of a former wedding and concert venue, previously known as Polonaise Terrace and Brooklyn Bazaar, into an eight-story building.

The developer acquired the property for $8.9 million in January 2026 and filed plans in May 2025 for a 60-unit multifamily and retail structure. The estimated total project cost is $30 million, with the $23 million loan covering all go-forward construction expenses and retiring existing land acquisition debt. The project, slated for completion in 2028, received necessary approvals from the New York City’s Landmarks Preservation Commission. A portion of the units will be designated as affordable housing, qualifying the development for a 485-x tax exemption.

This financing deal highlights continued investment in adaptive reuse projects within New York City, particularly those incorporating affordable housing incentives.