Landau JV Obtains $213M for Brooklyn Project
The partnership paid $140 million for the development site.
A joint venture of Landau Properties, Third Millennium Group and Midtown Equities has obtained $213 million in predevelopment financing and acquired the site for 205 Montague, a 136-unit mixed-use project in Brooklyn.
The financing package comprises a $113 million senior loan from Northwind Group through its Northwind Debt Fund III along with $100 million in equity. Funds include $25 million in preferred equity from Atlas Capital Group. Estreich & Co. Broker Raffi Landau represented Landau Properties, while Rosewood Realty Group Founder & CEO Aaron Jungreis acted on behalf of Atlas in this deal.
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The buyer paid $140 million for the Brooklyn Heights site where it plans to build the 47-story tower, Crain’s New York Business reported. Midtown Equities previously owned the property that currently includes a 1962-completed office building, according to Yardi Matrix data. Demolition and construction works are set to begin early next year.
The $500 million mixed-use development will comprise 46 luxury condo residences and 90 rental units. Additionally, the building will include 40,000 square feet of retail space.
The project will rise at 205 Montague St., close to the Borough Hall subway station and several dining options. Midtown Manhattan will be 7 miles away, while JFK International Airport will be within 19 miles southeast.
Multifamily loan originations climbed 27 percent year-over-year in the third quarter of 2025, according to a Mortgage Bankers Association report. On a quarterly basis, originations were up a more modest 12 percent, a gain that still points to lenders proceeding cautiously amid overall softer market conditions.
Brooklyn’s growing multifamily inventory
As of early December, Brooklyn’s multifamily development pipeline included 64 projects, according to Yardi Matrix information. Upon full build-out, these communities will add a combined 20,345 units to the borough’s inventory. Nine of them started construction this year.
In September, Gilbane Development, Blue Sea Development and Artspace broke ground on Brownsville Arts Center & Apartments, a 283-unit affordable housing development, in partnership with the City and State of New York. The community is set to come online in 2027.
And just this month, Monadnock Development obtained $175 million in construction financing for 155 Third St., a 300-unit community to rise within the borough’s canal district. The 22-story project is scheduled for a 2027 completion as well.
