Jay Group Secures $300M for Brooklyn Luxury Project
The note will help complete construction and leasing at the property.
Image courtesy of The Jay Group
The Jay Group has secured a $300 million refinancing loan for 102 Fleet, a 495-unit luxury project in Brooklyn. Affinius Capital provided the note, which will help complete construction and lease the property until stabilization.
Galaxy Capital Partner Henry Bodek arranged the transaction.
The development rises 30 stories and encloses 108 studios, 97 one-bedrooms, 262 two-bedrooms and 28 three-bedrooms, as well as 3,700 square feet of retail space.
Amenities include a rooftop pool, a fitness center with spa and steam rooms, coworking spaces and conference rooms, resident lounges, a game room, a pet spa and pickleball courts.
The high-rise is in downtown Brooklyn, at 102 Fleet Place, across the street from Jay Group’s 294-unit community 101 Fleet Place. Additionally, the property is within one block of the Long Island University, Brooklyn Hospital Center, Fort Green Park, several subway stations and retail options, including a Trader Joe’s store.
Recent refinancing deals in Brooklyn
The present deal is the fourth transaction between Affinius Capital and The Jay Group. Among these transactions is the $160 million refinancing loan the developer received from Affinius Capital in June 2024, for the construction of 101 Fleet Place.
Recent multifamily refinancing deals in Brooklyn include the $90 million note Mordechai Piller obtained from Affinius Capital, for One Nine Rockwell, a 27-story, 174-unit property. Similar to Jay Group’s deal for 102 Fleet, the financing will help complete the development and lease it until stabilization.
And last week, Brookfield Asset Management issued a $370 million bridge loan for a joint venture between The Carlyle Group and Property Markets Group, for Society Brooklyn, a 517-unit community in the borough’s Gowanus neighborhood.
