The Chinese development firm Vanke landed a $33.2 million construction loan from Bank of the Ozarks to finance a luxury condominium development in Park Slope, Commercial Observer can first report.
Vanke acquired the development site at 251 1st Street, also known as 275 4th Avenue, from New York-based Adam America Real Estate and Slate Property Group last month, according to JLL, which brokered the sale and the financing. The purchase price was not disclosed.
Adam America and Slate bought the site for $14.8 million in July 2013, city records show. The developers are constructing an 11-story, 44-unit condo development on the site, which sits on the corner of Fourth Avenue and 1st Street, and will continue their project under the new owner. The property is slated for completion in the third quarter of 2016.
JLL Managing Director Aaron Appel and Executive Vice President Keith Kurland worked on the sale and financing.
“Best-in-class sponsorship and the fact that it will meet the significant demand for luxury for-sale condominiums in Park Slope led to widespread interest in 251 1st Street,” Mr. Appel said. “The project will attract professionals seeking both proximity to work and the energy of Brooklyn. All the pieces are truly in place for this development to deliver outstanding returns.”
The luxury condo project will contain 57,870 square feet of condo space, 5,547 square feet of retail and community space, as well as a tenant lounge, gym, roof deck and storage space.
Sales and marketing of the condo units will start in early 2016 and the development team is expecting a total sellout of nearly $86 million, The Real Deal reported in October.
Vanke, which is listed on the Shenzhen Stock Exchange and Hong Kong Stock Exchange, has become the largest residential real estate developer in China.
Representatives for Vanke and Bank of the Ozarks did not respond to inquiries by time of publication. Representatives for Adam America and Slate declined to comment.