Brooklyn Project Secures $160M Refi
Affinius provided the financing.

The Jay Group, developer of the 294-unit multifamily 101 Fleet Place in Brooklyn, has obtained $160 million in refinancing. The firm will use the financing to complete construction on the project and lease the property to stabilization, according to lender Affinius Capital. The project is slated for completion in early 2025.
The refinancing was arranged by Henry Bodek of Galaxy Capital. Further details pertaining to the financing could not immediately be learned.
Rising 21 stories, the project will be a mixed-use property located within Brooklyn’s downtown neighborhood. The building includes 292 rental units averaging 806 square feet and about 4,600 square feet of commercial space.
Location and amenities
Features at the property will include a cellar level, a rear yard and about 40 enclosed parking spaces. Common amenities are set to include a rooftop deck offering NYC skyline views, a fitness center, shared workspace, children’s playroom, game room, movie theater, outdoor recreation areas and a pickleball court.
On Star Management is the general contractor for the development, which is being built on a site acquired from the Leser Group for $40 million in December 2021.
Despite average apartment rents in Brooklyn reaching a record high in April, the month was the strongest April for demand in the Brooklyn rental market in three years.
Lonicera recently secured a $74 million financing for a Brooklyn project from First Citizens Bank.