Wells Fargo Lends $43M on Monadnock’s Gowanus HQ Project
By Andrew Coen December 20, 2022 12:52 pmreprints
Monadnock Development has landed $42.5 million of construction financing for its planned mixed-use project in Gowanus, Brooklyn, that will house the company’s new headquarters, according to property records.
Wells Fargo provided the loan on Monadnock’s 100,000-square-foot development at 300 Huntington Street, which will have office, light industrial and retail use. The six-story building, slated for completion in July 2023, will become the new home of both Monadnock Development and Monadnock Construction, which have been housed a few blocks away at 155 Third Street for the past 47 years.
“We at Monadnock are pleased to work with our longtime partners at Wells Fargo on our new headquarters,” Frank Dubinsky, chief operating officer at Monadnock Development, said in a statement. “We have been in Gowanus for over 45 years and are excited to invest in its future.”
The Huntington Street property was purchased by Monadnock’s founder, Nick Lembo, for $9.5 million in 2017 from Catherine Quadrozzi, according to property records. It was previously the site of a manufacturing plant operated by the Quadrozzi family.
Dubinsky added that the project is “poised to benefit” from the Gowanus rezoning, which is expected to bring more than 8,000 new apartments to the neighborhood and allow developers to build as tall as 22 stories.
Christopher L. Murtha, senior vice president at Wells Fargo, led the financing efforts for 300 Huntington Street.
“Wells Fargo is thrilled to extend our longtime relationship with Monadnock Development as they embark on this exciting and transformative new development in Gowanus,” Murtha said in a statement. “This project is another step forward in bringing community-centric development to the neighborhood.”
Andrew Coen can be reached at email@example.com.