KKR Lends $287M on Douglaston, Corebridge’s Williamsburg Luxury Resi Tower
By Cathy Cunningham August 5, 2025 4:00 pm
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Douglaston Development and Corebridge Real Estate Investors have locked down $287 million in permanent financing for their luxury multifamily property on the Williamsburg waterfront in Brooklyn, Commercial Observer can first report.
KKR Real Estate Credit provided the loan —which retires existing senior debt as well as preferred equity in the capital stack— while Greystone Capital Advisors’ Drew Fletcher and Bryan Grover negotiated the financing.
“We structured this financing to provide the sponsors with a flexible, long-term capital solution that will give them the runway they need to fully realize the asset’s market potential,” Fletcher, president of Greystone Capital Advisors, said in a release. “We’re proud to have represented our longtime clients, Douglaston Development, alongside their partner, Corebridge Real Estate Investors, and are sincerely thankful to KKR for their outstanding execution and partnership throughout the process.”
The 41-story, 509-unit tower, at 1 North Fourth Place, sits in the heart of North Williamsburg. The property’s tagline, per its website is “The apartment that will impress your friends, your parents, and even your pets,” and that seems pretty likely, as — in addition to the views it offers over the river to Manhattan skyline — the building has an outdoor pool, an 8,500-square-foot sundeck, a movie screen, an outdoor barbeque area, coworking space and a party room.
Located right on the East River, its residents also have direct access to two waterfront parks and the New York City Ferry Service to Midtown and Wall Street.
Douglaston Development constructed 1 North Fourth in 2013, topping out in 2014. It sits next to another of the developer’s properties, Level BK, at 2 North Sixth Street, and adjacent to Douglaston’s Edge luxury, two-tower condominium property at 22 North Sixth Street and 34 North Seventh Street.
Douglaston and KKR didn’t immediately return requests for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
