A joint venture between Douglaston Development and UBS is seeking a $450 million construction loan for a mixed-use development in Brooklyn. The company is working with The Singer and Bassuk Organization to arrange the financing and hopes to break ground on the project in May, said Richard Bassuk, president of Singer and Bassuk.

The partnership is building a giant residential and retail development on the waterfront in Brooklyn. The project will include 547 for-sale condominiums, 344 affordable rental units and 63,500 square feet of retail space, Bassuk said. Jeffrey Levine, principal of Douglaston, has been a major proponent of re-zoning Brooklyn's waterfront to allow for residential and retail developments. The zoning finally became effective last year. Levine did not return calls.

The development will have views of the entire Manhattan skyline, flanked by two bridges and the river. It is one stop away from Manhattan on the L train. "Williamsburg is like what SoHo used to be, with restaurants, nightlife and boutique stores," Bassuk said. The development will also include underground parking for 600 cars and a waterfront esplanade and park.