REBusinessOnline

JDS Receives $664.1M Construction Loan to Build Brooklyn’s Tallest Building

Situated at 9 DeKalb Ave. in downtown Brooklyn, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. (Rendering courtesy of JDS Development Group, SHoP architects)

NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn.

Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates.

The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers.

Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed.

SHoP architects is designing the residential tower’s façade to be clad in bronze and glass.

On the site is a 70,000-square-foot, five-story property that once housed the Brooklyn Dime Savings Bank for nearly a century.

New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed the Brooklyn Dime Savings Bank for nearly a century.

The new tower will rise beside the historic neoclassical building. The New York Times reports that JDS and Chetrit will reposition the existing building into a flagship store with a rooftop amenity deck with a pool.

— John Nelson

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Conferences