Monadnock Scores $175M Construction Loan for Gowanus Rentals
JLL Capital Markets arranged $175 million in construction financing for 155 Third St., a 22-story, 300-unit mixed-use rental apartment development to be built along the Gowanus Canal in Brooklyn. A JLL team including Christopher Peck, Winfield Clifford, Kellogg Gaines and Nicco Lupo represented Monadnock Development in securing the loan from PCCP, LLC in partnership with U.S. Bank. The PCCP team was led by Brian Haber and P.J. Finley.
“Gowanus has reached a pivotal moment, and 155 Third St. is perfectly positioned to capitalize on the neighborhood’s evolution into one of New York City’s most dynamic residential areas,” said Clifford. “Monadnock’s extensive local experience, demonstrated development expertise, and thorough pre-development approach created a financing opportunity that generated significant interest from lenders.”
Positioned at the confluence of Carroll Gardens, Gowanus, Park Slope and Downtown Brooklyn, 155 Third St. will deliver 225 market-rate units, 75 affordable units and more than 30,000 square feet of retail, artist and commercial space.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout