Avery Hall Investments is ready to go vertical with a 122-unit condominium tower in Downtown Brooklyn now that it has landed construction financing.
The Greenwich Village-based development firm landed a $165 million construction loan for its project at One Boerum Place, a source with knowledge of the financing told The Real Deal.
The lender is Jutland Finance, which is a subsidiary of Canadian pension fund British Columbia Investment Management Corporation. The floating-rate financing has a term of three years with two, one-year extension options.
A representative for Avery Hall did not immediately respond to a request for comment on the financing, which was arranged by Chris Peck at HFF. Peck declined to comment.
Avery Hall, founded by principals Brian Ezra and Avi Fisher, filed plans in May to construct a 21-story, 250-foot tower on a triangular plot of land along Boerum Place between Fulton and Livingston streets.
Avery Hall purchased the property from the Brooklyn Law School for $76.5 million in 2016 with its partners Allegra Holdings and Aria Development Group. The developers also bought roughly 50,000 square feet of development rights for $16 million to increase the size of the project.
Last month, the city’s Department of Buildings approved Avery Hall’s plans, which call for nearly 183,000 square feet of residential space and a little more than 20,000 square feet of commercial space.
One Boerum is among several other new condominium developments in the works in Downtown Brooklyn, which has sparked concerns that too much supply could drag on the for-sale market.
Three blocks away at 211 Schermerhorn, the team of Oestreicher Properties, GPB Capital and Hornig Capital Partners is developing 48 units, while nearby at 11 Hoyt, Tishman Speyer is building 480 apartments.
And Gary Barnett’s Extell Development is building 458 units at its Brooklyn Point tower.