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New York

Lightstone nabs $120M construction loan for Gowanus project

Canyon Capital Realty Advisors provides 30-month senior mortgage

365 Bond Street in Gowanus, and Lightstone's David Lichtenstein
365 Bond Street in Gowanus, and Lightstone's David Lichtenstein

The Lightstone Group picked up a $120 million construction loan for a 12-story apartment complex on the banks of the Gowanus Canal.

Canyon Capital Realty Advisors, a Los Angeles-based investment firm, provided a 30-month senior loan to the developer. The project at 363-365 Bond Street is set to hold 429 rental units – 86 of which will be affordable housing.  The loan will go toward the first of two phases of construction.

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Drew Anderman of Meridian Capital Group served as broker for the debt. The City Planning Commission approved the project last year, as previously reported.

The complex will feature a courtyard, a fitness center, roof decks and a movie theater. [NYO] — Mark Maurer

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David LichtensteinGowanusLightstone GroupMeridian Capital Group