Condo Project Near Brooklyn’s Borough Hall Station Gets $165M Loan
The 21-story, luxury condominium with ground floor retail is scheduled to be completed in Q1 2021.
NEW YORK CITY—The joint venture of Allegra Holdings, Avery Hall Investments and Aria Development Group received $165 million in financing to construct a 240,000-gross-square-foot luxury, mixed-used condominium development near the Borough Hall Station in Downtown Brooklyn. The 21-story complex is scheduled to be completed in the first quarter of 2021.
Holliday Fenoglio Fowler negotiated the loan on behalf of the borrowers, arranging a floating-rate construction loan. Crain’s reported that the joint venture obtained the loan from Jutland Finance, a subsidiary of the Canadian pension fund British Columbia Investment Management Corporation.
The HFF debt placement team included Christopher Peck and Graham Stephens, Peter Rotchford and Alex Staikos.
The development will be located at One Boerum Place where Cadman Plaza intersects with Fulton Mall, in the neighborhood where Downtown Brooklyn meets Brooklyn Heights. The units will comprise one through four bedrooms and have views of the Manhattan and Brooklyn skylines, the East River and New York Harbor.
The apartments will come with high-end finishes including gourmet kitchens, custom cabinetry and stone countertops, and in the bathrooms freestanding bathtubs, stone floors and walls, and chrome finishes. The property’s amenities will include a pool, sauna, fitness center, entertainment lounge, children’s playroom, landscaped rooftop, and lobby with 24/7 doorman and concierge service. The development will also have a parking garage. Nearly 22,000 square feet of retail space will be at the ground floor.