NEW YORK, N.Y., Oct. 17, 2023 - JLL Capital Markets has arranged $72.5 million in construction financing for 544 Carroll St., a 17-story ground-up Class A multi-housing development in the Gowanus neighborhood of Brooklyn.
JLL worked on behalf of the borrower, prolific Brooklyn developer Avery Hall, and its joint venture partners, Declaration Partners and Bridge Investment Group through their Qualified Opportunity Zone vehicle. The construction loan was secured through TD Bank.
Scheduled for completion in Q4 of 2025, the mid-rise project will comprise of 133-units, of which 25 percent will be allocated towards affordable housing. Apartments will average 973 square feet, which is strategically larger than other developments and atypical of new construction in Gowanus. The property will also feature a best-in-class line of amenities to accommodate its curated unit mix, such as its rooftop lounge, fitness center, and event space.
Located within the "15-minute" submarket along the 4th Avenue corridor, 544 Carroll St. is two blocks east of the Gowanus Canal Waterfront with an esplanade underway, and proximate to Washington and Prospect parks. It is also adjacent to Whole Foods Market and one block from the eclectic dining and retail scene along 5th Avenue.
Located in a Qualified Opportunity Zone near highly ranked schools and the Smith Street retail corridor, 544 Carroll St. will be among the first new buildings to rise since 82 blocks of Gowanus were rezoned to accommodate demand for permanent affordable housing in a neighborhood with strong transit access.
The JLL debt and equity advisory team representing the borrower was led by Senior Managing Director Christopher Peck and Managing Director Peter Rotchford.
"We are thrilled to complete another successful financing with Avery Hall as they bring more rental housing to Gowanus and contribute to a transformation that will create a thriving mixed-used community," said Rotchford. This will be the third project that JLL has helped Avery Hall capitalize within the Gowanus neighborhood. Previous projects include 499 President St., which closed in April, 2023, and 204 4th Ave., which closed in May, 2023.
Brian Ezra, founding partner of Avery Hall, commented, "As local developers, we are extremely proud of the work we have done to bring much-needed, beautiful new homes to Brooklyn. 544 Carroll St. continues our commitment to enhancing the Gowanus neighborhood and we are thankful to be working with experienced partners like Declaration Partners, Bridge Investment Group, TD Bank and JLL. "
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 17 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2023 18:55:41 UTC.
