Avery Hall has closed on a $72.5 million construction loan to complete a new 17-story rental property at 544 Carroll Street in Gowanus, Brooklyn. The loan, provided by TD Bank, was arranged by JLL Capital Markets on behalf of Avery Hall and co-developers Declaration Partners and Bridge Investment Group.
The project is expected to debut by the end of 2025 and will yield 6,000 square feet of ground-floor retail and 133 rental apartments. A quarter of the apartments will be designated as affordable housing units.
Future occupants will have access to a rooftop lounge, a fitness center, a flexible event space, and more to be announced.
“As local developers, we are extremely proud of the work we have done to bring much-needed, beautiful new homes to Brooklyn,” said founding partner of Avery Hall, Brian Ezra. “544 Carroll Street continues our commitment to enhancing the Gowanus neighborhood and we are thankful to be working with experienced partners like Declaration Partners, Bridge Investment Group, TD Bank, and JLL.”
The development site comprises several adjacent lots along Carroll Street and Fourth Avenue. Avery Hall acquired the primary lot at 272 4th Avenue for $15 million in 2019, followed by 274 4th Avenue and 538 Carroll Street for $5.3 million.
Total development and construction costs are estimated in the ballpark of $100 million.
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I hope they meet their goal of completing this before “the end of 2021”! Good luck! 🤞