The Jay Group has secured $300 million in financing for its 495-unit multifamily project in Downtown Brooklyn, 102 Fleet. The deal serves as a refinancing so that the developer can finish the rest of the construction, with a delivery date not revealed.
Affinius Capital LLC closed the loan, with Galaxy Capital's Henry Bodek arranging the deal. Along with supporting the construction, Jay Group said that the proceeds will be invested to bring stable leasing to the property.
At 102 Fleet, two bedrooms (262 units) are the top concentration among rental types at the property. That's followed by studios at 108, one bedrooms at 97 units and 28 three bedrooms. The property will also include 3,700 square feet of ground retail and an amenity package that includes co-working space, a gym, conference rooms, resident lounges, a climbing wall, pickleball courts, a game room and a rooftop pool.
The site is near major monuments, including Fort Greene Park, Barclays Center and the Fulton Mall.
"102 Fleet, with premier amenities, an ideal Downtown Brooklyn location, and proven sponsorship, exemplifies the high-quality multifamily assets we actively seek to finance," Perry Katz, senior vice president of Affinius, said in a statement.
"Closing this fourth transaction with The Jay Group reflects the trust and execution that define our strong partnership."
Previously, the Commercial Observer reported that Jay Group purchased six lots at 102-110 Fleet Place and secured a $55 million loan to support the buy in 2024. Additionally, the company snagged a $320 million loan in November to build 590 rental units in Greenpoint at 97 West Street.
In a recent report from Zumper, New York was overtaken by San Francisco as the most expensive city for a two-bedroom rental, with rents in the California metro category surging to $5,120. That amount is $50 higher than NYC's. However, NYC still leads in one-bedroom units, with rents coming in at $4,250.
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