The Real Deal New York

Flank, Carlyle Group secure $175M loan for the Boerum

Boerum Hill condo's sales have broken neighborhood records

July 01, 2015 04:30PM
By Rey Mashayekhi

Renderings of The Boerum at 265 State Street in Brooklyn

Renderings of The Boerum at 265 State Street in Brooklyn

Developers Flank and the Carlyle Group secured a $175 million construction loan to fund The Boerum condominium project at 265 State Street in Brooklyn, according to property records filed with the city Wednesday.

The mortgage, provided by M&T Bank, consists of a $121.6 million building loan, a $28.5 million project loan and a $24.9 million land loan for the 20-story, 128-unit development in Boerum Hill.

Sales at The Boerum launched in December, with at least two apartments having already sold for more than $4 million each – a neighborhood record, as The Real Deal reported.

The Carlyle Group confirmed the loan for 265 State Street, as well as the amount. Neither Flank nor M&T Bank responded to requests for comment.

Units at Flank’s 224 Mulberry Street condos in Nolita also pushed neighborhood price standards after going under contract at more than $3,300 per square foot, TRD reported.