“Fleet” Week got here early for the Jay Group’s sizable Downtown Brooklyn improvement.
Jacob Kohn’s agency landed $300 million to refinance its undertaking at 102 Fleet Place, in accordance with the Commercial Observer. Affinius Capital offered the debt, which can go in direction of finishing building and stabilizing the property by way of lease-up.
Galaxy Capital’s Henry Bodek organized the transaction, which was first reported by The Promote.
The 495-unit luxurious multifamily improvement is inside shouting distance of a number of notable spots within the neighborhood, together with the Barclays Middle and the Fulton Mall. The undertaking will rise 30 tales and embody 3,700 sq. toes of retail area on the bottom ground. Facilities will embody a rooftop pool, a fitness center, a coworking area, a pet spa, an indoor climbing wall and pickleball courts.
The Jay Group paid $62.5 million for a sequence of websites from Pearl Realty in 2024, together with 102 Fleet Place, 165 Willoughby Road and 275 Flatbush Avenue Extension. The developer spent an extra $12.5 million on air rights from 147 Pearl Road.
About 9 months in the past, the Jay Group landed a $53 million construction loan for a 99-unit constructing at 165 Willoughby. Ponce Financial institution offered the financing, a significant step ahead for the five-building undertaking; the developer landed a construction loan in April for 2 of the opposite buildings.
In December, the agency acquired a improvement web site at 97 West Road in Greenpoint from Pearl Realty for $130 million, after securing a $320 million building mortgage for a deliberate 590-unit rental undertaking on the positioning.
Elsewhere in DoBro, Steven Shi’s FBL Growth filed plans for a 30-story, 158-unit undertaking at 245 Duffield Road, Shi’s first foray into Brooklyn.
Learn extra
Jay Group lands $53M loan for another 99-unit building
Jay Group closes on $130M development site in Greenpoint
Steven Shi files plans for 30-story DoBro debut
