NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million construction loan for a 193-unit multifamily project in Brooklyn.
The transit-served site spans a full city block along Fourth Avenue between Union and Sackett streets where the borough’s Park Slope and Gowanus neighborhoods converge. The borrower and developer, a partnership between New York City-based firms Gindi Capital and Avery Hall Investments, acquired the site in 2019.
The building will rise 13 stories and house 14,000 square feet of retail and restaurant space. An undisclosed number of units will be reserved as affordable housing.
Information on floor plans was also not disclosed. Amenities will include a rooftop lounge and pool, coworking space, children’s playroom, fitness center, pet washing station, tenant storage and a bike room.
Christopher Peck and Peter Rotchford of JLL arranged the financing. Specific loan terms were not disclosed. Sitework on the project began in 2022, and full completion is scheduled for some time in 2024.
“By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform a once-vacant site into a vibrant hub that strengthens the community,” says Brian Ezra, partner at Avery Hall. Bringing more rental housing on line in the neighborhoods that need it is critical to easing the city’s housing crisis in the long term.”
— Taylor Williams