Acres Refis Crown Heights Multifamily Project With $41M Loan

Haussmann Development has secured a $40.75 million loan to refinance a newly completed multifamily development in Crown Heights, Brooklyn, Commercial Observer has learned.

ACRES Capital provided the loan for the developer’s 76-unit the Eve project that began leasing this month with full lease-up slated for June. The debt replaces a $38.5 construction loan from Urban Standard Capital that was paid off with a lower $35.8 million commitment because of the project’s early leasing success, according to Haussmann. 

“This refinancing demonstrates the capital market’s confidence in the Eve and Haussmann’s execution,” Josef Goodman, principal of Haussmann Development, said in a statement.  “When we went out to the debt markets in early 2025, we received over 10 offers for bridge financing. Acres was the clear winner, but the process demonstrated how liquid the market is for Brooklyn lease-up projects.” 

Cushman & Wakefield (CWK) arranged the transaction with a team led by Alan Blank, Zach Kraft and Gideon Gil. 

Located at 827 Sterling Place, the Eve consists of studios, one- and two-bedroom apartments with 23 units designated as affordable housing. The fully electric building has amenities that include a rooftop deck with grilling stations, a fitness center, a children’s play area, a club room, electric vehicle charging stations, a pet washing station and garage parking.

“The strong sponsorship, coupled with its prime transit-oriented location and extensive amenity offering, generated considerable lender demand for this newly built multifamily property,” Blank said in a statement.

Officials at Acres Capital did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com