The Real Deal New York

Lightstone nabs $120M construction loan for Gowanus project

Canyon Capital Realty Advisors provides 30-month senior mortgage
October 31, 2014 04:30PM

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.

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