Apollo, Witkoff Secure $388M Loan for Brooklyn Project
Bank of America provided the financing for the 51-story development.
Rendering of The Brook. Image courtesy of Walker & Dunlop
Walker & Dunlop has closed on approximately $388.4 million in financing for The Brook, a mixed-use multifamily and retail development in downtown Brooklyn. Bank of America provided the financing. Apollo Global Management and Witkoff are the developers of the 51-story high-rise building.
The 591-unit luxury development will feature studio, one- and two-bedroom units. The 30,000 square feet of common-area amenities will include an outdoor swimming pool, a basketball court, fitness studios, kids’ room, dog spa and multiple resident lounges and landscaped terraces.
The project will be split in two development sites and will be located at 585 Fulton St. The building will be developed on the larger site, the Eastern Site, and will feature over 17,200 square feet of retail space, situated above ground, at the base of the tower. The Western Site will include some 14,000 square feet of retail space.
A New Development in Downtown Brooklyn
The Brook will be situated between Long Island University of Brooklyn and Barclays Center, 2 miles from Manhattan Bridge, providing access to downtown Manhattan and 5 miles from East Brooklyn Business Improvement District. The mixed-use project will be developed with the help of Affordable New York and Inclusionary Housing programs. Beyer Blinder Belle will oversee architecture and interiors will be designed by Bonetti Kozerski.
Walker & Dunlop New York Capital Markets’ Senior Managing Directors Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Senior Directors Michael Ianno and Sean Bastian made arrangements for the construction financing of The Brook.
Last month another Brooklyn development received financing. Lanicera Partners’ 15 Hanover Place secured $134 million in financing from Santander and City National Bank.
