NEW YORK CITY—An affiliate of Lightstone has secured a $120-million construction loan for its 12-story multifamily project in the Gowanus section of Brooklyn.
The transaction was announced by Canyon Capital Advisors, LLC (Canyon Realty) of Los Angeles, which provided the financing to New York City-based Lightstone. Meridian Capital Group of New York City advised Lightstone on the transaction.
The financing will be used to develop a multifamily development that will feature 429 residential units at 365 Bond Street, including 86 units of affordable housing. The project will also include a public esplanade along the Gowanus Canal that will include a lighted walkway, public outdoor space, and provide access to the canal.
Coming on the heels of its successful development of Gantry Park in Long Island City, Lightstone is expanding its New York City holdings to include the borough of Brooklyn. “Lightstone is committed to the Gowanus neighborhood and its current and future residents, and we are thrilled to have had the opportunity to work with Canyon Realty to bring this project to fruition," says Mitchell Hochberg, president of Lightstone. “Canyon Realty was the ideal lender to provide the non-recourse financing for this construction loan. The Canyon team's deep understanding of the local market and ability to quickly execute this large, complex transaction was essential to us.”
“Canyon has a long history of investing in Brooklyn and its emerging neighborhoods, and we have been tracking the Gowanus neighborhood for some time now. We are pleased to have the opportunity to finance this transformational project, which will add several hundred mixed-income high-quality housing units to the neighborhood,” says Charlie Rose, director at Canyon Realty. "Gowanus has recently experienced a notable revitalization and is now home to a variety of restaurant, retail and arts amenities, and we are excited to be a part of the area's evolution.”
Some of Canyon's previous financing deals in Brooklyn include: One Hanson Place (the former Williamsburg Savings Bank Tower), which Canyon redeveloped into a 217-unit residential project in Downtown Brooklyn; The Viridian, a 130-unit multifamily rental project in Greenpoint; The Isabella, a 63-unit residential project located in Clinton Hill; and 20 Henry, a 39-unit historical rehabilitation and residential project, which Canyon developed in Brooklyn Heights.
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