NEW YORK CITY — A partnership between national development firm Landau Properties, Third Millennium Group and Midtown Equities has received $213 million in financing for a mixed-use project in Brooklyn that represents Phase I of a larger, $500 million development.
The predevelopment financing consists of a $113 million senior loan from Northwind Group and $100 million in equity (including $25 million in preferred equity) from Atlas Capital Group. Acting on behalf of the partnership, Raffi Landau of Estreich & Co. arranged the debt component, while Aaron Jungreis of Rosewood Realty Group secured the equity investment.
“This financing milestone marks a major step forward for our team and underscores our long-term commitment to delivering design-driven, landmark properties in the country’s most competitive markets,” says Jonathan Landau, founder and CEO of Landau Properties.
The development site at 205 Montague St. is located within the borough’s Brooklyn Heights neighborhood. Plans currently call for 46 condo residences, 90 rental residences and 40,000 square feet of retail and restaurant space. Demolitions and preliminary construction work are expected to begin early next year.
- Taylor Williams