The Canyon-Johnson Urban Funds have provided a USD22.6m loan to OL Washington, an affiliate of New York-based Ornstein Leyton, to acquire existing construction and mezzanine loans and to complete construction of the Isabella, a 63-unit residential condominium project located in the Clinton Hill neighbourhood of Brooklyn.

Canyon’s loan will not only facilitate the completion of the residences, but will also help to launch an active sales and marketing campaign later this year.

OL Washington will retain its current general contractor, Triton Construction, to finish construction and has engaged The Corcoran Group – one of the largest residential brokerage firms in Brooklyn – to market the units for sale upon completion.

The Isabella is a seven-story residential property located on half an acre in the north-central portion of Brooklyn. The building is located one block from a C-Line subway stop, and within several blocks of subway stops for the A, 2 and 3 lines. The Isabella also lies immediately adjacent to Downtown Brooklyn and the Atlantic Yards redevelopment area.

“CJUF has years of experience and a number of investments in Brooklyn,” says Bobby Turner, managing partner of Canyon. “We know this area well, and we are thrilled to contribute to the continued growth and revitalisation of this community.”