Square Mile Capital Management has originated a $150 million loan to finance the development of The Dime, a multifamily, office and retail project in South Williamsburg.
The completed property will consist of a 22-story building with 177 rental apartment units, 100,000 s/f of office, 55,000 s/f of retail and an onsite parking garage.
It will feature luxury finishes, premiere amenities, and views that overlook the Manhattan skyline and East River. At the base of the new tower, the property will incorporate the historic neoclassical building that was the original home of the Dime Savings Bank of Williamsburg.
The one-acre site is centrally located near the base of the Williamsburg Bridge, a few blocks from both the Brooklyn waterfront and the Bedford Avenue retail corridor. The property is also one block from the Marcy Avenue subway stop, providing access to Manhattan with the J, M and Z lines.
Tavros Development Partners and Charney Construction and Development are teaming up to develop the project. Tavros and Charney both have extensive experience developing and managing New York City projects. The construction financing was arranged by JLL’s Aaron Appel, Jonathan Schwartz, and Mark Fisher.
Square Mile Vice President Sean Reimer said, “This transaction provides us the opportunity to partner with two prominent New York developers on an exciting, market-leading project.
“The Dime is well-positioned to capitalize on the growing demand in Williamsburg for quality space with convenient access to transportation. The integration of the new tower with the historically significant bank building will create a truly one-of-kind product.”