Brooklyn Mixed-Use Development Lands $165M Financing
HFF worked on behalf of a joint venture to arrange the construction loan, which will be used to develop One Boerum Place, a downtown luxury property.
One Boerum Development Partners LLC—a joint venture of Allegra Holdings, Avery Hall Investments and Aria Development Group— has secured $165 million to develop One Boerum Place, a luxury mixed-use condominium building in downtown Brooklyn, N.Y.
HFF arranged the floating-rate construction loan through a foreign pension fund. The debt placement team included Managing Directors Christopher Peck and Graham Stephens, Senior Director Peter Rotchford and Associate Alex Staikos.
Located within the Borough Hall district, One Boerum Place will feature 122 units across 21 stories. Interior features will include high-end finishes, gourmet kitchens with Miele appliances, stone countertops and custom cabinetry, and bathrooms with freestanding bathtubs, chrome finishes and stone floors and walls. Community amenities will include:
- pool with sauna and changing room area
- two-story fitness center
- entertainment lounge
- children’s playroom
- landscaped rooftop with outdoor kitchen
- fully attended lobby with 24/7 doorman and concierge service
- resident storage
- fully automated parking garage
- 22,000 square feet of ground-floor retail
Nearby neighborhoods include Boerum Hill, Cobble Hill, Brooklyn Heights and For Greene. Transportation options include the A, C, F, 2, 3, 4,5 and R subway lines.
Last month, HFF worked on behalf of Triangle Equities and GTIS Partners to arrange a total of $80 million in joint venture equity and construction financing to build the 80-unit Kensington Estates, a 55-and-over townhome community in Woodbury, N.Y.
Image courtesy of HFF