Gindi Capital and Avery Hall's Brooklyn development

Gindi Capital, Avery Hall Lock in $110 Million in Construction Financing For 193-Unit Development in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds.

Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include 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 include 14,000 square feet of retail space on the ground floor.

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. Rent restrictions on the affordable units were not disclosed.

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