Gindi Capital and Avery Hall today closed on $110 million in construction financing for the development of a 13-story, 193-unit multifamily building at the intersection of Gowanus and Park Slope. The team broke ground on the project in 2022 and is set to complete construction in 2024. Affinius Capital LLC (“Affinius Capital”) provided the construction financing for the project.
Located on a full city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-use, mixed-income project will deliver 193 rental apartments with a full range of amenities, including a rooftop lounge and pool, coworking space, a children’s playroom, a fitness center, a pet-washing station, tenant storage and a bike room. The project will also add 14,000 square feet of prime retail space on the ground floor that will further activate two of Brooklyn’s most important commercial thoroughfares; Union Street and 4th Avenue. On the border of emerging arts and nightlife destination Gowanus and the historic Brownstone Park Slope neighborhood, building residents will enjoy quick and easy access to Manhattan via the Union Street R subway station.
“This dynamic project will deliver much-needed mixed-income housing, state of the art design, and exciting new retail for Gowanus – and couldn’t be more transit accessible,” said Eli Gindi, Co-Founder and Principal of Gindi Capital. “We are excited to join Avery Hall Investments on this project and thank our construction lender Affinius Capital for their partnership as we reach this critical project milestone.”
“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,” said Avery Hall partner Brian Ezra. “Bringing more rental housing online in the neighborhoods that need it is critical to easing the city’s housing crisis in the long term, and we are proud to work on this project with partners that share in our vision for the site.”
“Avery Hall and Gindi Capital both have strong track records building high quality multifamily projects throughout Brooklyn and we are delighted to partner with them,” said Affinius Capital Managing Director David Greenburg. “The rezoning of Gowanus has encouraged the creation of a highly amenitized submarket that we look forward to being part of.”
Gindi Capital and Avery Hall acquired the half-acre site in 2019, which up until now has been vacant and was most recently used as a service-station. The project sits in a federally recognized Opportunity Zone and is intended to be held as a long-term rental asset by the partnership.
The financing was arranged by Christopher Peck and Peter Rotchford of JLL.
