Bank of the Ozarks Lends $44M for Mixed-Use Project in Williamsburg
By Danielle Balbi March 25, 2016 11:00 am
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Tavros Development Partners, a subsidiary of New York-based real estate investment firm Tavros, and Charney Construction & Development have landed a $44.3 million financing package from Bank of the Ozarks for a mixed-use development in Williamsburg, Commercial Observer has learned.
The acquisition of the 41,815-square-foot land assemblage at 263-277 South 5th Street, which sits near the base of the Williamsburg Bridge between Havemeyer Street and Marcy Avenue, is part of an $80 million real estate portfolio that Dime Community Bancshares, the parent company of Dime Savings Bank of Williamsburgh, sold to Tavros, Charney Construction and 1 Oak Development, as CO previously reported.
JLL’s Aaron Appel, Jonathan Schwartz and Mark Fisher arranged the acquisition and pre-development loans for the development partnership, which is constructing a retail, office and multifamily building at the site.
“Limited office and multifamily development opportunities in Manhattan continue to drive investors and developers to Brooklyn where experienced sponsors are finding opportunities to take advantage of high yields and a lower barrier to entry,” Mr. Appel said in prepared remarks. “This financing allows our client to wisely invest in this trend at an opportune time.”
Representatives for Tavros, Charney Construction and Bank of the Ozarks did not respond to requests for comment.
