Jenel Management Scores $208M Construction Loan for Downtown Brooklyn Development
Otéra Capital Investments and Apollo Commercial Real Estate Finance have provided a $207.7 million construction loan to Jenel Management for the development of 540 Fulton Street, a 42-story luxury residential and office tower in Downtown Brooklyn, Commercial Observer has learned.
The Marvel Architects-designed development will comprise 180,000 square feet of residential space, a 103,000-square-foot office portion—spanning floors two through eight— and 21,000 square feet of retail space along Fulton Street.
“With a top-notch development team, strong equity backing, a beautiful design and its location in the heart of booming Brooklyn, 540 Fulton Street was a great opportunity for the lending community,” Zeitoune said in prepared remarks. “The project is perfectly positioned to capitalize on the continued migration to downtown Brooklyn, its rapid development as a retail destination and its easy access to transportation.”
David Dushey’s Jenel Management acquired the former two-story retail strip —between Nevins and Hanover Place—in 1981 and demolished it in 2015. When completed in October 2020, 540 Fulton will rise to 511 feet, in good company with JDS Development Group’s 9 Dekalb, Extell Development Company’s Brooklyn Point (at 138 Willoughby Street) and JEMB‘s One Willoughby Square (for which Otéra Capital also provided a $235 million construction loan in July, also arranged by JLL).
Officials at Jenel Management, Otéra Capital and Apollo could not immediately be reached for comment.