JLL Capital Markets has arranged $72.5 million in construction financing for 544 Carroll St., a 17-story, ground-up Class A multi-housing development in Brooklyn’s Gowanus neighborhood.
JLL worked on behalf of the borrower, Brooklyn developer Avery Hall, and its joint venture partners, Declaration Partners and Bridge Investment Group through their Qualified Opportunity Zone vehicle. The construction loan was secured through TD Bank.
Scheduled for completion in Q4 of 2025, the mid-rise project will comprise of 133 units, of which 25% will be allocated toward affordable housing. Apartments will average 973 square feet, which is strategically larger than other developments and atypical of new construction in Gowanus. Amenities will include a rooftop lounge, fitness center and event space.
Located along the Fourth Avenue corridor, 544 Carroll St. is two blocks east of the Gowanus Canal Waterfront with an esplanade underway. It is also adjacent to Whole Foods Market and one block from the eclectic dining and retail scene along Fifth Avenue. 544 Carroll St. will be among the first new buildings to rise since 82 blocks of Gowanus were rezoned to accommodate demand for permanent affordable housing in a neighborhood with strong transit access.
The JLL debt and equity advisory team representing the borrower was led by Senior Managing Director Christopher Peck and Managing Director Peter Rotchford.
“As local developers, we are extremely proud of the work we have done to bring much-needed, beautiful new homes to Brooklyn,” said Brian Ezra, founding partner of Avery Hall. 544 Carroll St. continues our commitment to enhancing the Gowanus neighborhood and we are thankful to be working with experienced partners like Declaration Partners, Bridge Investment Group, TD Bank and JLL. “
