TD Bank Provides $73M Construction Loan for Gowanus Residential Development
By Andrew Coen October 3, 2023 1:33 pm
reprints
Developer Avery Hall and its joint venture partners Declaration Partners and Bridge Investment Group have secured $72.5 million of construction financing to build a multifamily development in Brooklyn’s Gowanus neighborhood, Commercial Observer has learned.
TD Bank supplied the loan for the developers’s planned 17-story project at 544 Carrol Street, which is slated for completion in late 2025. The project will be one of the first new buildings erected under the neighborhood’s new rezoning, which was approved last year and allows developers to build up to 200 stories as of right.
JLL (JLL)’s Christopher Peck and Peter Rotchford arranged the transaction through Bridge Investment Group’s qualified opportunity zone vehicle launched in 2018. The deal marks the third that JLL has facilitated with Avery Hall in Gowanus after it arranged debt at 499 President Street and 204 Fourth Avenue.
The 544 Carrol Street project will consist of 133 units with 25 percent designated as affordable housing. The property’s amenities will include a rooftop lounge, a fitness center and event space.
Brian Ezra, founding partner of Avery Hall, said in a statement that 544 Carrol Street “continues our commitment to enhancing the Gowanus neighborhood.”
Rotchford said in a statement that Avery Hall’s 544 Carrol Street project will “create a thriving mixed-use community.”
TD Bank declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
