Allegra Holdings, Avery Hall Investments and Aria Development Group have secured $165 million in financing to build a luxury condo development in Brooklyn.
Holliday Fenoglio Fowler secured the loan for the development of One Boerum Place, a 21-story mixed-use condominium in Downtown Brooklyn.
HFF worked on behalf of One Boerum Development Partners LLC, a joint venture between Allegra, Avery Hall and Aria Development Group, to arrange the floating-rate construction loan with a foreign pension fund.
One Boerum Place will be situated in the Borough Hall district at the convergence of some of the area’s most coveted neighborhoods, including Boerum Hill, Cobble Hill, Brooklyn Heights and Fort Greene.
Due for completion in the first quarter of 2021, the 122-unit project is located close to multiple subway lines. The project will feature nearly 22,000 s/f of ground-floor retail space.
It will comprised of one- through four-bedroom floorplans with high-end finishes. One Boerum Place will have a full suite of amenities, such as a pool with sauna and changing room area, two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop with outdoor kitchen, attended lobby with 24/7 doorman and concierge service, residential storage and a fully automated parking garage.
The HFF debt placement team included managing directors Christopher Peck and Graham Stephens, senior director Peter Rotchford and associate Alex Staikos.
“HFF delivered unparalleled service for our partnership and have a firm command of the market options available to top-quality sponsorship,” said Avi Fisher, Avery Hall’s founding principal. “We look forward to continuing to work together in the future.”
“It’s always exciting to introduce new capital to a market and watch our client build something special,” Peck said.
The development partners purchased the property from the Brooklyn Law School in 2016 for $76.5 million along with 50,000 s/f of additional development rights.
Allegra Holdings is a Spanish real estate investment company headquartered in Alcobendas, Spain. Their current portfolio consists of over $1 billion in assets worldwide.
Avery Hall Investments is a New York-based investment and development firm founded by Avi Fisher and Brian Ezra. Founded in 2009 by partners Joshua Benaim, David Arditi and Timothy Gordon, Aria is a real estate investment and development firm with offices in New York, Washington, D.C. and Miami. Notable developments include 321 Ocean in Miami Beach, The Bond and The Alden in Washington, D.C. and 465 Pacific in Boerum Hill, Brooklyn, New York.