Watermark Capital and its joint venture partner, Rubin Equities have secured a $210 million loan to build its mixed-use tower in Brooklyn, New York.
The debt will serve as the construction financing to support the 497 residential units at the development in the Sunset Park neighborhood. In addition to residential components, the 28-story site at 6208 Eighth Avenue is set to include 100,000 square feet of retail space. Plus, an amenity package is scheduled to come to fruition that includes a rooftop terrace, a fitness center, a yoga room, coworking spaces, a screening room, and a sauna.
S3 Capital provided the loan, while Arrow Real Estate Advisors brokered the deal. Robert Schwartz, co-founder and partner at S3 Capital touted the fundamentals of Sunset Park.
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“We are thrilled to collaborate with Watermark Capital on this exciting project," he said in a statement.
"The Sunset Park housing market is significantly under-supplied, and this development will bring a substantial amount of in-demand, transit-oriented housing units to the community.”
Prestige Construction will serve as the general contractor on the mixed-use project.
Overall, New York City has been thriving in the multifamily asset class. In 2024, the metro generated $8.91 billion in dollar volume, representing a 14 percent rise from the previous year, a recent report from Ariel Property Advisors found. Also, transactions were up by four percent to 1,107. Most notably, Brooklyn stood out, thanks to its $3.48 billion in sales, a surge of 59 percent year-over-year.
Watermark manages several other multifamily properties in its portfolio, which includes Leonard Terrace in East Williamsburg, Graham Terrace (17,500 square feet of retail and 70,000 square feet of residential) in East Williamsburg, and Tea Factory in Bushwick.
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