Avery Hall Investments and Gindi Capital have landed a $136 million Freddie Mac loan to refinance their new multifamily property in Gowanus, Brooklyn.
The debt replaces the existing construction debt. Along with Freddie Mac, CenterSquare Investment Management provided the new financing, with JLL representing Avery and Gindi on the deal.
This marks the first transaction in New York to take advantage of Freddie's Lease Up Program, which allows sponsors who witness net operating income improvements between the first and second year on their loans to snag extra proceeds at first mortgage pricing, according to JLL.
Known as 655 Union, the 2025 delivered project features 143 market-rate and 50 affordable units, with each residence coming with condo finishes. Also, the property offers 14,764 square feet of ground retail space, in part leased to Bank of America and NY Kids Club. Moreover, there is a 12,000 square feet amenity package, which includes a fitness center, coworking spaces, media room, private dining, sunset garden and yoga and pilates studios.
In total, the trophy asset spans 194,454 square feet.
JLL noted that Gowanus continues to benefit from an expansion in population, which is leading to a diverse amount of bars, restaurants, shops and a robust art community.
"655 Union's premium design, transit connectivity and affordable housing component created an exceptionally strong lending opportunity," Christopher Peck, senior managing director at JLL, said in a statement.
"The transaction's success reflects robust liquidity for quality Brooklyn multifamily assets and strong investor confidence in Gowanus' continued growth."
Avery Hall, which is based in New York, manages more than 2,400 residential units across the country. Gindi, also headquartered in the city, recently delivered 30 luxury unit 109 E 79th Street in the Upper East Side in addition to 655 Union.
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