A joint venture comprising Avery Hall Investments, Bridge Investment Group, and Declaration Partners has secured 95 million US dollars in financing for a newly constructed multi-family building in Brooklyn's Gowanus neighbourhood. The ten-year fixed-rate loan was provided by investment firm KKR.
The secured property is a 17-storey residential building located at 544 Carroll Street near the border with Park Slope, which was completed at the end of last year. According to advisory firm JLL, which brokered the transaction, the new financing replaces existing liabilities of approximately 71.1 million US dollars.
Structure and usage profile of the residential development
The development is situated in a federally designated Opportunity Zone and comprises 133 apartments. Of these units, 98 are market-rate, while 35 units are designated as affordable housing. On the ground floor, the building provides 6,284 square feet of retail space alongside various resident amenities.
- —Roof terrace with views across the neighbourhood
- —Dedicated co-working area for residents
- —Fitness centre and a separate children's play area
Financing environment and institutional interest
Avi Fisher, founding partner of Avery Hall Investments, stated that the project reflected the firm's long-term commitment to Brooklyn and its confidence in the neighbourhood's ongoing development. Together with its partners, the company had delivered a residential building distinguished by its construction quality in this dynamic market environment.
JLL's debt advisory team consisted of Christopher Peck, Peter Rotchford, Michael Shmuely, and Nicco Lupo. Peck, Senior Managing Director at JLL, highlighted that strong leasing momentum and the institutional calibre of the ownership group were key to securing competitive terms. He added that the transaction also underscored the ongoing willingness of lenders to finance well-located, newly developed multi-family assets in New York City.
