Allure Group Obtains $108M for Brooklyn Tower

Allure Group has received a $108.2 million bridge refinancing loan for The Shoreline, a 248-unit luxury development underway in Brooklyn, N.Y., from Dwight Mortgage Trust.

Part of the proceeds pay off existing debt, an $87.4 million construction loan originated by Valley National Bank in 2021, Yardi Matrix data shows. The reminder will go toward the development’s completion and lease-up. Qualifying for the 421-a tax abatement program, the project will also benefit from a 35-year tax reduction.

Hill West Architects alongside Whitehall Interiors provided design services, while NY Developers & Management oversees the development process.

When complete, the 31-story community will encompass studio, one- and two-bedroom floorplans featuring floor-to-ceiling windows, granite countertops and stainless-steel appliances. Amenities are slated to span across 25,000 square feet and include a lobby lounge, a co-working space, a media and movie lounge, a billiards game room, multiple pools and spas, as well as a sunset lounge. The property will also feature 28,610 square feet of commercial space.  

Strong supply for Brooklyn’s rental market

Located at 2230 Cropsey Ave. in Bath Beach, The Shoreline is roughly 3 miles northwest of Coney Island and some 2 miles southeast of Fort Hamilton. Kings Plaza, a 150-store shopping center providing retail, dining and entertainment options, is less than 8 miles away. Another project benefitting from the 421-a program is just 8 miles away, in Brooklyn’s Gowanus neighborhood.

According to a Yardi Matrix report, Brooklyn subverts expectations, bucking national trends. Although completions decreased year-over-year by 43.3 percent as of November, the borough’s supply pipeline remained steady, accounting for more than 19,000 units. Of the total, 65.2 percent land within the upscale lifestyle category.