Affinius Capital Makes $160M Refi for Construction, Stabilization for 101 Fleet Place
21-story, 294-unit multifamily going up in Downtown Brooklyn
By Brian Pascus June 3, 2024 11:35 am
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Affinius Capital is at it again.
The Manhattan-based real estate investment firm provided a $160 million loan to Brooklyn-based The Jay Group" class="company-link">The Jay Group to refinance 101 Fleet Place, a 294-unit multifamily property being built in Downtown Brooklyn, Commercial Observer has learned.
The loan will finance the remaining construction on the property and allow the property to lease up until it reaches stabilization. Henry Bodek of Galaxy Capital arranged the financing.
The average apartment rent in Brooklyn has increased 2.83 percent from last year, according to MNS Real Estate. Affinius Capital Vice President Perry Katz praised both The Jay Group and the thriving Brooklyn real estate market in prepared remarks.
“101 Fleet is a high-quality luxury multifamily project in Downtown Brooklyn, a market that we continue to have strong conviction in and where we expect to see continued tailwinds supporting best-in-class assets,” said Katz. “We were delighted to partner with The Jay Group on this transaction.”
The 21-story building will feature studios to three-bedroom units and include 60 on-site parking spaces, a roof deck, a fitness center, a movie theater, an outdoor recreational space, and a pickleball court. JFA Architects & Engineers designed 101 Fleet Place with Star Management serving as general contractor on the property.
The Jay Group purchased the lot 101 Fleet Place sits on from the Leser Group for $40 million back in December 2021. The building is scheduled to complete construction in winter 2025.
The Jay Group did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
