The Real Deal New York

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

Carlyle partnered with Megalith and Urban Realty on three-parcel plan
May 29, 2014 11:55AM

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