Dumbo condo-and-rental project gets $73M in financing

Carlyle partnered with Megalith and Urban Realty on three-parcel plan

New York /
May.May 29, 2014 11:55 AM

An Israeli bank has provided $72.5 million in construction funding toward a 12-

story Dumbo condominium-and-rental project.

The Carlyle Group recently partnered with Megalith Capital Management and Urban Realty Partners to develop three contiguous parcels at 173 Front Street, 177 Front Street and 200 Water Street, as The Real Deal reported. Bank Leumi is providing the financing for the project, which is expected to cost more than $100 million.

Of the total loan amount, roughly $49.5 million will go toward the Front Street sites and $23 million will go toward the Water Street land, according to a spokesperson for Megalith.

Megalith’s plans call for a 12-story building on Front Street with one- and two-bedroom apartments asking between $3,000 and $6,000 per month in rent, as previously reported. At 200 Water Street, there will be two Landmarks-approved penthouse floors atop a four-story warehouse currently on the site, Curbed reported.

Suffern, N.Y.-based Aufgang Architects had been hired to design the structure. [NYO]Mark Maurer


Related Articles

arrow_forward_ios
Photo illustration of Carlyle's David Rubenstein and Jason Hart (Illustration by Kevin Rebong for The Real Deal)
Watch: Uncovering Carlyle’s Brooklyn buying spree
Watch: Uncovering Carlyle’s Brooklyn buying spree
Photo illustration of Carlyle's David Rubenstein and Jason Hart (Illustration by Kevin Rebong for The Real Deal)
Private equity giant Carlyle’s latest big play: Small Brooklyn buildings
Private equity giant Carlyle’s latest big play: Small Brooklyn buildings
Criterion Group's Shibber Khan and 31-08 Northern Boulevard in Long Island City (Criterion Group
Criterion sells LIC self-storage for $80M
Criterion sells LIC self-storage for $80M
(Nelligan White Architects, Emporis, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
From left: Jay Sugarman, chief executive officer, iStar; Mark Jenkins, head of global credit, The Carlyle Group (iStar, The Carlyle Group, iStock)
Carlyle picking up iStar’s net-lease portfolio for $3B
Carlyle picking up iStar’s net-lease portfolio for $3B
Carlyle's Kewsong Lee and Jason Hart with 22-22 Jackson Avenue (Carlyle Group, ODA Architecture)
For $85M, Carlyle nabs another LIC resi building
For $85M, Carlyle nabs another LIC resi building
79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
Residential dealmakers storm city’s investment sales market
Residential dealmakers storm city’s investment sales market
High demand and low supply has driven house prices up (iStock)
Investors building single-family rentals to meet demand
Investors building single-family rentals to meet demand
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...