Two Trees Management raised $168 million in financing for its 32-story, mixed-use project known as BAM South in Downtown Brooklyn, The Real Deal has learned.
JPMorgan, M&T Bank, Wells Fargo and a New York state agency collectively provided the four-year construction loan, according to sources familiar with the deal. The New York State Housing Finance Agency gave the developer a $30.5 million tax-exempt loan.
There were no brokers involved in the financing, sources said.
The building at 286 Ashland Place is slated to hold 379 rental apartments – 76 of which will be affordable housing.
The property will also house 43,000 square feet of retail, 50,000 square feet of cultural space and a 10,000-square-foot outdoor public plaza. A BAM movie theater, a new Brooklyn Public Library branch and a 651 Arts dance studio will occupy the cultural space. Enrique Norten of Ten Arquitectos is serving as the lead designer on the project.
Two Trees broke ground on the project in March and is now pouring the foundation. The residential component is expected to be ready by summer of 2016.
Last year, Two Trees upped the total number of apartments planned for the property – to 379 from 300, as previously reported. The affordable housing component also grew, in keeping with the building’s participation in the 80/20 program.