Avery Hall secures $72.5M construction loan for latest Gowanus multi-housing development
JLL Capital Markets arranges financing for new mid-rise apartment building located at 544 Carroll St.
NEW YORK, N.Y., Oct. 17, 2023 – JLL Capital Markets has arranged $72.5 million in construction financing for 544 Carroll St., a 17-story ground-up Class A multi-housing development in the Gowanus neighborhood of Brooklyn.
JLL worked on behalf of the borrower, prolific Brooklyn developer Avery Hall, and its joint venture partners, Declaration Partners and Bridge Investment Group through their Qualified Opportunity Zone vehicle. The construction loan was secured through TD Bank.
Scheduled for completion in Q4 of 2025, the mid-rise project will comprise of 133-units, of which 25 percent will be allocated towards affordable housing. Apartments will average 973 square feet, which is strategically larger than other developments and atypical of new construction in Gowanus. The property will also feature a best-in-class line of amenities to accommodate its curated unit mix, such as its rooftop lounge, fitness center, and event space.
Located within the “15-minute” submarket along the 4th Avenue corridor, 544 Carroll St. is two blocks east of the Gowanus Canal Waterfront with an esplanade underway, and proximate to Washington and Prospect parks. It is also adjacent to Whole Foods Market and one block from the eclectic dining and retail scene along 5th Avenue.
Located in a Qualified Opportunity Zone near highly ranked schools and the Smith Street retail corridor, 544 Carroll St. will be among the first new buildings to rise since 82 blocks of Gowanus were rezoned to accommodate demand for permanent affordable housing in a neighborhood with strong transit access.
The JLL debt and equity advisory team representing the borrower was led by Senior Managing Director Christopher Peck and Managing Director Peter Rotchford.
“We are thrilled to complete another successful financing with Avery Hall as they bring more rental housing to Gowanus and contribute to a transformation that will create a thriving mixed-used community,” said Rotchford. This will be the third project that JLL has helped Avery Hall capitalize within the Gowanus neighborhood. Previous projects include 499 President St., which closed in April, 2023, and 204 4th Ave., which closed in May, 2023.
Brian Ezra, founding partner of Avery Hall, commented, “As local developers, we are extremely proud of the work we have done to bring much-needed, beautiful new homes to Brooklyn. 544 Carroll St. continues our commitment to enhancing the Gowanus neighborhood and we are thankful to be working with experienced partners like Declaration Partners, Bridge Investment Group, TD Bank and JLL. “
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Avery Hall
Avery Hall is a real estate investment firm specializing in the acquisition, design and development of unique assets primed for growth and value creation. The firm is actively developing, planning and operating more than 2,000 apartments in Brooklyn, NY, Charlotte, NC, and Richmond, VA., including 680 apartments in Brooklyn’s Gowanus neighborhood, where the company is based. Avery Hall is committed to creating projects that enhance the quality of life in the communities in which it invests, with a focus on long-term value growth.
About Avery Hall
Declaration Partners is a private investment firm that seeks to be a value-added capital partner and strategic resource to management teams and asset owners where patient, flexible capital provides an advantage. Declaration has approximately $2.1 billion in assets under management across its investment strategies, which include real estate, tactical growth equity, fund seeding, and other opportunistic strategies. Anchored by the family office of private equity veteran and philanthropist David M. Rubenstein, Declaration invests on behalf of family offices and like-minded institutional investors. The firm was founded in 2017 and is headquartered in New York with an office in the Washington, DC area. www.declarationpartners.com
About Declaration Partners
Declaration Partners is a private investment firm that seeks to be a value-added capital partner and strategic resource to management teams and asset owners where patient, flexible capital provides an advantage. Declaration has approximately $2.1 billion in assets under management across its investment strategies, which include real estate, tactical growth equity, fund seeding, and other opportunistic strategies. Anchored by the family office of private equity veteran and philanthropist David M. Rubenstein, Declaration invests on behalf of family offices and like-minded institutional investors. The firm was founded in 2017 and is headquartered in New York with an office in the Washington, DC area. www.declarationpartners.com
About Bridge Investment Group
Bridge is a leading alternative investment manager diversified across specialized asset classes, with approximately $48.9 billion of assets under management as of June 30, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy, and secondaries strategies.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the largest banks in the U.S., providing over 10.0 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.