Brooklyn Luxury Apartments Land $120M Loan

The 365 Bond apartment building located in the Gowanus neighborhood of Brooklyn, N.Y., secured a $120 million first mortgage loan. Square Mile Capital Management originated the loan on behalf of the developer, Lightstone, who completed construction in March 2016. Financing was arranged by Drew Anderman, Alan Blank and Ben Nevid of Meridian Capital Group.

“The Gowanus neighborhood has transformed dramatically in the past few years and is poised for further growth as development efforts continue,” said Eric Cohen, vice president of Square Mile. “Lightstone, the first developer in the area, has delivered an exceptional product and we are excited to have the opportunity to lend on such a strong asset with an institutional sponsor.”

The apartment community comprises 344 market rate and 86 affordable units. Interior features include wide plank white oak hardwood floors, custom Italian kitchens with stainless steel Bosch appliances and quartz countertops, tiled bathrooms with Kohler and Symmons fixtures and Bosch washers and dryers. Residents have access to amenities such as rooftop lounges with barbecues and panoramic skyline views, a state-of-the-art fitness center, yoga and spin rooms, a library and club room with fireplaces, resident social lounge, catering kitchen with private dining, game room, children’s playroom and on-site indoor valet parking. The 40,000-square-foot amenity package was designed by interior architect Mark Zeff and Weintraub Diaz Landscape Architects. Surrounded by a new waterfront park, 365 Bond is almost completely leased.

“We are pleased to once again be working with Square Mile,” said Mitchell Hochberg, president of Lightstone. “They have been a true partner to Lightstone over the years and their continued support is further demonstration of the success of 365 Bond Street and a promising future for Gowanus.”

Images courtesy of 365 Bond