Real estate developer Avery Hall Investments and Gindi Capital, a privately held investment company, have closed on $110 million in construction financing for the development of a 193-unit mixed-use, mixed-income community in Brooklyn, New York.
The team broke ground on the 13-story building last year, with construction slated for completion in 2024. The project is located on a full city block on 4th Avenue between Union and Sackett streets at the intersection of the Gowanus and Park Slope neighborhoods.
In addition to 14,000 square feet of retail space on the ground floor, residents will have access to a rooftop lounge and pool, a coworking space, a children’s playroom, a fitness center, a pet-washing station, storage, and a bike room.
“This dynamic project will deliver much-need mixed-income housing, state-of-the-art design, and exciting new retail for Gowanus—and couldn’t be more transit accessible,” said Gindi Capital co-founder and principal Eli Gindi.
Gindi Capital and Avery Hall acquired the half-acre site, which had been vacant and was most recently used as a service station, in 2019. It also sits in a federally recognized Opportunity Zone and is intended to be held as a long-term rental asset by the partners.
“By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform a once-vacant site into a vibrant hub that strengthens the community,” said Avery Hall partner Brian Ezra. “Bringing more rental housing online in the neighborhoods that need it is critical to easing the city’s housing crisis in the long term, and we are proud to work on this project with partners that share this vision for the site.”
Affinius Capital provided the construction financing for the project, and the financing was arranged by JLL’s Christopher Peck and Peter Rotchford.
“The rezoning of Gowanus has encouraged the creation of a highly amenitized submarket that we look forward to being part of,” added Affinius Capital managing director David Greenburg.
