Avery Hall, Gindi Capital Secure $110M for Brooklyn Development
Situated in an Opportunity Zone, the mixed-income community will include 193 apartments.
Avery Hall Investments and Gindi Capital have secured $110 million in construction financing for the 655 Union Street / 204 4th Avenue project, a 193-unit mixed-use community in New York City’s Brooklyn borough.
Affinius Capital LLC provided the construction loan, while JLL’s Senior Managing Director Christopher Peck and Managing Director Peter Rotchford arranged the financing.
The co-developers purchased the site in 2019 for approximately $30 million, as reported by The Real Deal. Construction on the development started in 2022 and is scheduled for completion in 2024.
Designed by L+Z Architecture and DPC Architecture, the mixed-use, mixed-income project will comprise both market-rate and affordable units, along with 14,000 square feet of retail space on the ground floor. Common-area amenities at the 13-story building will include a swimming pool, a rooftop lounge, a fitness center, co-working spaces, a children’s playroom, a pet-washing station, storage spaces, a bike room and on-site parking.
The site is located in an Opportunity Zone, at the intersection of Union Street and 4th Avenue. Situated on the border of the Brownstone Park Slope and Gowanus neighborhoods, the property will be close to an abundance of entertainment venues, dining options and retail centers. The transit-oriented development will provide easy access to the N, Q, and R train tunnels and the Union Street R train station.
The Brodsky Organization and Avery Hall Investments have recently secured a $155 million construction loan for 499 President St., another upcoming community in Brooklyn’s Gowanus neighborhood.