937 East 108th Street lands $50M

Overview

Ponce Bank provided $50 million in construction financing for a multifamily project at 937 and 951 East 108th Street in Canarsie, according to Commercial Observer. The deal closed July 13, 2026, and city records show the borrower as Unity Grove LLC and the lender as Ponce Bank, N.A.

The project comprises two contiguous apartment buildings with 99 units each, or 198 units in all, per Commercial Observer. The complex is to span 143,083 square feet with 71 parking spaces, and the publication reports it qualifies for tax abatements under New York State's 485-x program.

Commercial Observer attributes the financing to Midwood Group, which it says is run by Abraham Posner. The recorded borrower is Unity Grove LLC; the city record does not name Midwood Group. Commercial Observer reports that Arrow Real Estate Advisors arranged the transaction.

The recorded document is an assignment of leases and rents dated July 13, 2026 and recorded July 22, 2026. It covers Brooklyn Block 8235, Lots 339, 340 and 341.

The loan finances 198 new apartments in Canarsie, a sizable ground-up rental project in a part of Brooklyn that sees relatively little new multifamily construction of this scale. It also shows a community bank, Ponce, writing a large construction loan.

Parties Involved 3 recorded

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Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.

Property & Project