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Peter Cohen of Leviathan Capital arranged a $9.5 million construction loan for an 11-unit condominium development in Park Slope, Brooklyn. Reported terms include a 24-month term, a 7.75% interest rate with a 7.25% floor, no prepayment penalty and an origination fee below 1%, according to the New York Real Estate Journal.
What are the reported terms of the Park Slope construction loan?
The loan is reported at $9.5 million for construction of an 11-unit condominium project. The published terms are:
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| Term | Reported detail |
|---|---|
| Loan amount | $9.5 million |
| Interest rate and floor | 7.75% interest rate; 7.25% floor |
| Term | 24 months |
| Prepayment penalty | None reported |
| Origination fee | Below 1% |
| Development | 11-unit condominium |
| Location | Park Slope, Brooklyn, New York |
Prices checked November 2026.
The New York Real Estate Journal does not specify whether the quoted rate is fixed or floating, how the floor applies, or the loan’s draw, extension, repayment or other covenants. Those details should not be inferred from the headline terms. The report identifies Peter Cohen of Leviathan Capital as the arranger; it does not identify Leviathan as the lender.
How were construction procurement deposits structured?
The transaction included pre-funded deposits intended to help procure critical hard-cost materials early. The report says the arrangement was meant to support construction progress after closing and improve execution certainty.
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In a construction loan, procurement timing can matter because materials may need to be ordered before they are required on site. The reported deposits address that timing issue, but the public account does not explain their amount, release conditions, security, vendor arrangements or treatment in the loan budget. It therefore does not establish that all materials were prepaid or that the feature eliminates delivery, price or construction risks.
What is not disclosed about the project?
The borrower, developer, lender and exact property address are not named in the available transaction reporting. It also does not provide the project’s total cost, building size or expected completion date. The Hoodline account likewise notes key project details are absent.
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That limits what can responsibly be concluded from the loan amount alone. Without total development cost, equity contribution, project budget and draw structure, the $9.5 million figure cannot establish the loan-to-cost ratio or how much of the construction is financed. Nor do the reported terms alone show whether the financing is favorable relative to comparable projects.
When was the loan reported?
The New York Real Estate Journal published its transaction item on October 28, 2026; its finance index lists the dated Brooklyn entry. Hoodline published a secondary account on October 29, 2026. The information here reflects those reports and should not be read as a complete loan document or construction schedule.
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Frequently Asked Questions
Who is the lender on the Park Slope condo loan?
The public transaction report does not name the lender. It identifies Peter Cohen of Leviathan Capital as the person who arranged the financing, which is not the same as identifying the lending institution.
Does the $9.5 million loan cover the entire project cost?
The available reports do not give the project’s total cost, borrower equity or full financing plan. The loan amount by itself cannot show what share of development costs it covers.
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When is the Park Slope condominium project expected to be completed?
No completion date or construction schedule was included in the cited reporting. The 24-month figure is the reported loan term, not a stated project completion deadline.
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