Haussmann Development Closes $41M Refi for Brooklyn Community
The loan replaces previously paid off financing.
Haussmann Development secured a $40.7 million refinancing loan from ACRES Capital for The Eve, a 76-unit mixed-income community located in Crown Heights, a neighborhood of Brooklyn, N.Y. The loan was facilitated by Alan Blank, Zach Kraft and Gideon Gil of Cushman & Wakefield.
The refinancing from ACRES Capital is replacing a $38.5 million construction loan that The Eve project was given by Urban Standard Capital. Due to The Eve’s early leasing and the cost-effective project delivery, the loan was paid off at a lower cost of $35.8 million.
This is Haussmann’s second investment in the borough. Issac & Stern Architects led the design of the seven-story, all-electric building. Located at 827 Sterling Place, the property features a mix of studio, one- and two-bedroom floorplans, in addition to duplexes. Of the building’s 76 apartments, 23 units are reserved for affordable housing. The development received TCO at the beginning of April and signed more than a dozen leases in two weeks. Haussmann Development is expecting full occupancy by June.
Amenities at The Eve include a rooftop deck with an outdoor grilling area, as well as a fitness center, children’s area, club room, pet washing station and multiple electric vehicle charging stations. Apartments have in-unit laundry and central air conditioning while some homes include private balconies.
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827 Sterling Place is located near the 2, 3 and 5 subway lines at Nostrand Avenue as well as various bus routes. Other entertainment, retail and dining options around central Brooklyn are within a mile of the community.
Brooklyn’s multifamily momentum
At the end of 2024, Brooklyn developers completed 3,935 units with more than 30,000 units still in the planning and permitting stages according to Yardi Matrix data. The borough of Kings’ rent growth is also on par with national trends.
Nearby, CAMBA Housing Ventures topped out on Clarkson Estates, a $238 million affordable housing project in Flatbush. Construction is expected to conclude in the summer of 2026. The project is a part of New York State’s Vital Brooklyn initiative and is the developer’s second project to be built through it.
The borough is also seeing its fair share of adaptive reuse ventures. In March 2025, Watermark Capital Group secured $125 million for an office-to-residential project in downtown Brooklyn. The company purchased the property for $66.5 million from previous owner Bridge City Capital. The conversion will incorporate expanding the eight-story building to 19-stories, with 25 percent of its units reserved for affordable housing and condominiums.
