Atlantic Realty refis Gowanus development with $90M loan from Northwest Mutual

New Jersey-based developer bought 363 Bond St. from Lightstone Group for $75M

TRD New York /
Jun.June 20, 2017 04:44 PM

363 Bond Street in Gowanus

Atlantic Realty Development TRData LogoTINY refinanced its 270-unit rental building in Gowanus with a $90 million loan from Northwestern Mutual Life Insurance, property records filed with the city Tuesday show.

Northwestern provided $10 million in new debt and consolidated an $80 million construction loan PNC Bank had issued last year on the project at 363 Bond Street on the Gowanus Canal, according to records.

Representatives for Atlantic Realty and Northwestern were not immediately available for comment.

Woodbridge, New Jersey-based Atlantic bought the site in 2015 from David Lichtenstein’s Lightstone Group for $75 million. Lightstone developed the neighboring apartment building, the 430-unit 365 Bond Street after purchasing both properties in 2013 for $6.9 million from Toll Brothers, which had previously planned to build 450 condos on the site.

Douglas Elliman Development Marketing scheduled an open house for Tuesday at the building, according to Streeteasy. The affordable-housing lottery for 54 below-market units at Atlantic’s building launched in May. That same month, Lightstone refinanced its building with a $120 million loan from Canyon Capital Realty Advisors.

Northwestern earlier this year lent $160 million on the Park Tower Group’s 36-story office building at 535 Madison Avenue.

Toll Brothers had secured a spot rezoning for the Gowanus site in 2009, and in the following years investors have snapped up almost all the available development sites as the federal government cleans up the toxic canal and the city once again mulls rezoning the neighborhood.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
 David Bistricer of Clipper Equity and 77 Commercial Street in Greenpoint (REIT and Google Maps)

Bistricer lands $386M construction loan for Greenpoint project

Bistricer lands $386M construction loan for Greenpoint project
109 East 79th Street and Victor Sigoura (Google Maps; Getty)

Victor Sigoura lands $133M construction loan for UES condo

Victor Sigoura lands $133M construction loan for UES condo
From left: Mapleton Rentals at at 1555-1575 61st Street in Mapleton, 1440 Story Avenue in Soundview, Beard-Van Brunt at 411 Van Brunt Street in Red Hook

Abraham Leser targets $74M refi for Brooklyn, Bronx properties

Abraham Leser targets $74M refi for Brooklyn, Bronx properties
Council member Brad Lander and Gowanus (Credit: Lander by Erik McGregor/Pacific Press/LightRocket via Getty Images, Spencer Platt/Getty Images)

Will Gowanus be the next botched rezoning?

Will Gowanus be the next botched rezoning?
A rendering of 1998 Second Avenue in Harlem and Peter Fine (Credit: GF55 Architects)

Peter Fine inks $70M construction loan for Harlem resi project

Peter Fine inks $70M construction loan for Harlem resi project
arrow_forward_ios

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

Loading...