B
ushburg and the Moinian Group secured a new $140 million loan from MF1 Capital to replace debt used for expanding and converting a Brooklyn dairy factory into The Highland, a 320-unit mixed-use project. This financing comes two years after a $105 million loan helped transform the landmarked buildings into a 14-story complex.

    The factory, which produced milk before sitting vacant for decades, was acquired by Bushburg in 2018 for nearly $17 million. Located at 2840 Atlantic Avenue, The Highland now offers studios to three-bedroom apartments for rent, with prices ranging from $2,140 to $3,100. A 14,200-square-foot commercial space and a 5,000-square-foot storage unit are also available.

    The property is situated near the Van Siclen Avenue subway station and about a mile east of Broadway Junction. The loan is secured by additional parcels at 191 Schenck Avenue and 260 Barbey Street. Bushburg, known for developing higher-end projects in areas with lower-priced product, has made its mark on Cypress Hills and East New York, though it remains to be seen if these neighborhoods will gentrify like Williamsburg and Bushwick.