An affiliate of the Lightstone Group has received a construction $120 million Loan for a Brooklyn residential development, Commercial Observer has reported. The loan came from Los Angeles-based real estate investment firm Canyon Capital Realty Advisors.
It is a 30 month senior loan which features a fixed-rate and extension options.
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Located at 365 Bond Street in Brooklyn’s Gowanus area, the new development will be a 12 story apartment building. It will have 429 rental units, of which 86 will be reserved for affordable housing.
The building will feature a garden courtyard, roof decks, a fitness facility, a theater room and a waterfront promenade park on the Gowanus Canal.
“Canyon has a long history of investing in Brooklyn and its emerging neighborhoods, and we have been tracking the Gowanus neighborhood for some time now, ” Canyon Realty Director Charlie Rose told Commercial Observer. “We are pleased to have the opportunity to finance this transformational project, which will add several hundred mixed-income high-quality housing units to the neighborhood.”
“By working closely with the lender and development team at The Lightstone Group, Meridian was able to successfully design and implement a financing package that allows the client to build this class-A apartment complex in one of the most exciting and upcoming areas of Brooklyn, ” said Mr. Anderman.
