KKR Refis Brooklyn Apartments With $95M Loan 

A joint venture involving Avery Hall Investments, Bridge Investment Group and Declaration Partners has sealed a $95 million loan to refinance a newly built multifamily property in Brooklyn’s Gowanus neighborhood, Commercial Observer has learned.

KKR supplied the 10-year, fixed-rate loan for the sponsorship’s 17-story apartment building at 544 Carroll Street that was completed late last year. The refi retires roughly $71.1 million of past debt, according to JLL, which arranged the transaction. 

“This project reflects our long-term commitment to Brooklyn and our confidence in this neighborhood’s continued evolution,” Avi Fisher, a founding partner at Avery Hall Investments, said in a statement. “Together with Bridge Investment Group and Declaration Partners, we’re proud to have delivered a residential project that stands out for its quality in this dynamic and increasingly established market.”

JLL negotiated the debt with a capital markets debt advisory team consisting of Christopher Peck, Peter Rotchford, Michael Shmuely and Nicco Lupo.

Located within a federally designated Opportunity Zone, the 133-unit building comprises 98 market-rate apartments and 35 designed as affordable. It features 6,284 square feet of ground-floor retail space along with community amenities that includes a rooftop terrace, coworking space, a fitness center and a children’s playroom. 

“544 Carroll Street’s strong leasing performance and institutional-quality sponsorship positioned the property to attract competitive financing,” Peck, senior managing director at JLL, said in a statement. “The transaction demonstrates continued lender appetite for well-located, newly developed multifamily assets in New York City.”

KKR did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.