JPMorgan Chase, CPC Provide $90M Construction Financing on Brooklyn Tower
Mixed-use tower on Fourth Avenue expected to open next year
By Brian Pascus February 13, 2024 2:19 pm
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Artimus NYC, a New York City-based developer, has secured a $90.25 million construction loan package for its 17-story, mixed-use apartment building in Gowanus, Brooklyn, Commercial Observer has learned.
JPMorgan Chase (JPM) provided the $74.7 million senior loan, while the Community Preservation Corporation (CPC), a nonprofit affordable housing lender, provided the $15.5 million subordinate loan, according to city documents. The tower has an affordable housing component.
Ronen Haron, a partner at Artimus NYC, signed the loan documents for the construction financing.
Located at 164 Fourth Avenue, the development is due to span 142,000 square feet of residential space and feature 160 apartments, of which 30 percent will be affordable to take advantage of New York state’s 421a tax abatement program.
The site will feature an additional 12,391 square feet of ground-floor retail. Construction is scheduled to wrap in summer 2025.
Artimus NYC has developed or redeveloped several New York City buildings across asset classes over the last 30 years. Such projects include 272 Manhattan Avenue, 425 West 18th Street, the Corn Exchange building in East Harlem, the Harlem Parish, and 251 West 117th Street.
Artimus NYC did not respond to requests for comment.
Abigail Nehring contributed reporting to this article.
Brian Pascus can be reached at bpascus@commercialobserver.com
