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Developer Avery Hall has secured $72.5 million of construction financing to build a multifamily development in Gowanus, Brooklyn.
Developer Avery Hall and its joint venture partners Declaration Partners and Bridge Investment Group have secured $72.5 million of construction financing to build a multifamily development in Brooklyn’s Gowanus neighborhood, Commercial Observer has learned. TD Bank supplied the loan for the developers’s planned 17-story project at 544 Carol Street, which is slated for completion in late 2025. JLL (JLL)’s Christopher Peck and Peter Rotchford arranged the transaction through Bridge Investment Group’s qualified opportunity zone vehicle launched in 2018.
With mortgage rates above what they were last year, a number of deep-pocketed New Yorkers are postponing a big purchase and living in luxe rentals instead.
New York-based Avery Hall Investments dropped a record-setting price for the property. The sellers managed to flip it for twice what they paid two years ago.
The changes include shifting one of the apartment towers 81 feet to the east and 20 feet closer to the river, while adding height and decreasing length on the other, all to maintain more of the brewery’s riverfront view.