A joint venture is involved Avery Hall Investments, Bridge Investment Group and Declaration Partner has closed a $95 million loan to refinance a newly constructed multifamily property in Brooklyn’s Gowanus neighborhood, Commercial Observer has learned.
KKR provided a 10-year fixed rate loan for the sponsor’s 17-story apartment building in 544 Carroll Street that finished the end of last year. Refi retired about $71.1 million in past dues, according to the report JLLwho manages the transaction.
“This project represents a long-term commitment to Brooklyn and our belief in the continued evolution of this neighborhood,” Avi Fisherfounding partner at Avery Hall Investments, said in a statement. “Together with Bridge Investment Group and Declaration Partners, we are proud to have delivered a residential project that stands out for its quality in this dynamic and increasingly stable market.”
Adam SimonManaging Director at KKR, said in a statement 544 Carroll is a “high quality asset” located in the “desirable New York City housing market” and that the transaction highlights “the relationship-led approach of KKR Real Estate Credit” property financing “in a market with compelling long-term fundamentals.”
JLL negotiated the loan with a capital market debt advisory team consisting of Christopher Peck, Peter Rotchford, Michael Smuley and Nicco Lupo.
Located in a federally designated Opportunity Zone, the 133-unit building includes 98 market-rate apartments and 35 designed affordable units. It has 6,284 square feet of ground floor retail space along with community amenities that include a rooftop terrace, co-working space, fitness center and children’s playroom.
“544 Carroll Street’s strong leasing performance and institutional quality sponsorship made the property attractive for competitive financing,” said Peck, senior managing director at JLL, in a statement. “These transactions demonstrate lenders’ continued appetite for newly developed multifamily assets in New York City.”
Andrew Coen can reach it acoen@commercialobserver.com.