PCCP, BoA Provide $175M Financing for Brooklyn Multifamily Development
Monadnock Development will build a 22-story residential building that will deliver 300 units to Gowanus
By Brian Pascus December 2, 2025 12:14 pm
reprints
Monadnock Development has secured $175 million in construction financing for 155 Third Street, a 22-story, 300-unit, mixed-use multifamily building that will rise above the Gowanus Canal in Brooklyn, Commercial Observer can first report.
PCCP, together with Bank of America, provided the financing, while a JLL Capital Markets team of Christopher Peck, Winfield Clifford, Kellogg Gaines and Nicco Lupo arranged the deal.
JLL’s Clifford said in a statement that Monadnock Development’s extensive experience developing rental assets in New York City helped create a financing process that drew interest from multiple lenders, and added that the neighborhood of Gowanus is primed for expanded rental developments following a 2022 rezoning.
“Gowanus has reached a pivotal moment, and 155 Third Street is perfectly positioned to capitalize on the neighborhood’s evolution into one of New York City’s most dynamic residential areas,” Clifford added.
155 Third Avenue sits east of the north end of the Gowanus Canal, near the Brooklyn residential and commercial corridors of Park Slope, Carroll Gardens and Downtown Brooklyn. The project is expected to deliver 225 market-rate units and 75 affordable units, as the development was approved under the now expired 421a affordable housing tax abatement program.
The development will also include 30,000 of ground-floor commercial space that will be connected to the 7-acre Gowanus Greenway Esplanade planned nearby.
PJ Finley, vice president at PCCP, noted in a statement that New York City currently exhibits “strong supply-demand fundamentals,” and that the development will help alleviate what he described as a “chronically undersupplied residential market.”
JLL reported in the third quarter of 2025 that New York’s rent growth has risen 2.4 percent year-over-year and that the effective rent across New York City now averages a staggering $3,475 per month. Vacancies sit at a mere 2.4 percent.
Nick Lembo, founder and chairman of Monadnock Development, said in a statement that the project at 155 Third Street creates “much-needed, high-quality housing across New York City.”
The development is expected to finish construction and deliver units to the market by the fourth quarter of 2027.
Brian Pascus can be reached at bpascus@commericialobserver.com.
