Haussmann Development Lands $50M Refi for Brooklyn Residential Complex

Haussmann Development has secured $49.5 million to refinance the Arris Grand, a nine-story, mixed-use complex with 113 apartments in Brooklyn’s Clinton Hill neighborhood, Commercial Observer has learned. 

QuadReal Property Group provided the fixed-rate financing, which replaces a $46 million construction loan made by SCALE Lending in January 2024. Cushman & Wakefield (CWK)’s Alan Blank, Zach Kraft, and Gideon Gil negotiated the transaction. 

Paul Stern, senior vice president of real estate debt at QuadReal, said in a statement that the loan reflects his firm’s commitment to only invest in “quality buildings” that deliver “strong and stable returns.” 

“Arris Grand exemplifies our investment strategy and we are excited to be working with Haussmann on this project,” he added. 

Located at 445 Grand Avenue in Clinton Hill, the property features studio to two-bedroom apartments and holds 84 parking spaces on-site. Amenities include a rooftop terrace, a fitness center, media and gaming lounges, a pet spa, an outdoor dog run, and coworking spaces. 

The 102,000-square-foot apartment complex opened last year and is currently 100 percent leased. The building includes 34 affordable housing units and has leased two of its three commercial spaces — totalling 7,127 square-feet — to Spear, a physical therapy center, and House of Wonder, a Scandinavian-style cafe. 

“With the highest-quality residential offerings and amenities in a prime location, Arris Grand is an exemplary project,” said Josef Goodman, principal of Haussmann Development. “This unique, fixed-rate financing represents a strong vote of confidence in Arris Grand and its long-term success.”

Brian Pascus can be reached at bpascus@commercialobserver.com