The Real Deal New York

Flank, Carlyle Group secure $175M loan for the Boerum

Boerum Hill condo's sales have broken neighborhood records
By Rey Mashayekhi | July 01, 2015 04:30PM

Developers Flank and the Carlyle Group secured a $175 million construction loan to fund The Boerum condominium project at 265 State Street in Brooklyn, according to property records filed with the city Wednesday.

The mortgage, provided by M&T Bank, consists of a $121.6 million building loan, a $28.5 million project loan and a $24.9 million land loan for the 20-story, 128-unit development in Boerum Hill.

Sales at The Boerum launched in December, with at least two apartments having already sold for more than $4 million each – a neighborhood record, as The Real Deal reported.

The Carlyle Group confirmed the loan for 265 State Street, as well as the amount. Neither Flank nor M&T Bank responded to requests for comment.

Units at Flank’s 224 Mulberry Street condos in Nolita also pushed neighborhood price standards after going under contract at more than $3,300 per square foot, TRD reported.