Valley National Bank Provides $105M Construction Loan for Brooklyn Condo Project

Avdoo & Partners Development topped off construction at 323 Bergen Street in early December

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Manhattan-based developer Avdoo & Partners Development has closed on $105 million in senior construction financing for its 243,000-square-foot condominium being built in the Boerum Hill neighborhood of Brooklyn. 

Valley National Bank provided the loan. Shlomi Avdoo, principal and founder of Avdoo & Partners Development, said in a statement that the senior construction loan represents “an exciting step” in actualizing the vision his firm has for the ongoing development. 

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“Amidst the formidable hurdles posed by the current high interest rate landscape, we deeply appreciate Valley’s unwavering support and confidence in our project,” said Avdoo. “Boerum Hill can look forward to a development that not only enhances its architectural charm but also harmonizes with the neighborhood’s distinct character.”

Avdoo & Partners Development topped out construction of the building on Dec. 3. 

Located at 323 Bergen Street in Boerum Hill, two blocks from Barclays Center, the new seven-story condominium development will feature 105 residences across 243,000 square feet. The project is also expected to include more than 25,000 square feet of amenities, with individual condo sales set to begin next year. 

The project at 323 Bergen Street marks yet another development in the Boerum Hill neighborhood for Avdoo’s firm. Two years ago, the firm built and opened Saint Marks Place, a 100-residence luxury condominium with 19,000 square feet of amenities located at 55 Saint Marks Place. 

323 Bergen Street is designed by GF55 Partners, a New York City architect that also designed condos such as Jupiter 21 in the East Village, The Pointe in Rego Park, and One Morningside Park in Harlem. 

Brian Pascus can be reached at bpascus@commercialobserver.com