A joint venture of Jonathan Rose Companies (JRCo) and BedRock Real Estate Partners LLC (BR) has closed on $144 million of debt and equity financing for The Pierrepont, a new 86-unit 80/20 mixed-income rental residential building which is currently under construction.
The two 19-story towers face Pierrepont and Montague Streets in the Brooklyn Heights section of Brooklyn, New York.
Santander Bank is providing the construction financing. JD Capital, a public asset investment and advisory firm based in China, is providing additional equity.
JD Capital is advised by Dallas-based L&B Realty Advisors, LLP, an SEC-registered real estate investment advisor, with $8.5 billion in assets under management.
The 160,000 s/f project will contain 86 apartments, with a number of large, family-oriented units, a floor of dedicated amenities and approximately 6,000 s/f of ground floor retail with street frontage on both Montague and Pierrepont.
Santander is leasing the Montague side of the project for a bank branch.
Construction is expected to be completed in 24 months. The building will have numerous sustainable features that will exceed the requirements for Enterprise Green Communities certification.
“Brooklyn Heights is an extraordinary neighborhood for families, with a combination of superb parks, schools, transportation, retail and neighborhood character,” said Jonathan F.P. Rose, president of Jonathan Rose Companies.
“We are very pleased to have JD join us as investors in this development, as they share our enthusiasm and vision for the project and will make great long term partners.”