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

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

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

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
Bank OZK CEO George Gleason (Photos via Bank OZK; iStock)
Bank OZK’s Q4 was “strong end to challenging year”
Bank OZK’s Q4 was “strong end to challenging year”
Gov. Andrew Cuomo (Getty, iStock, NY State Budget)
Cuomo proposes tax credits for restaurants, income tax increases
Cuomo proposes tax credits for restaurants, income tax increases
Director of the New York City Department of City Planning and Chair of the City Planning Commission Marisa Lago. (NYC gov, Getty)
Gowanus rezoning on hold — for now
Gowanus rezoning on hold — for now
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)
7 Manhattan hotels head to auction block
7 Manhattan hotels head to auction block
Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps)
Mid-market investment sales off to strong start in 2021
Mid-market investment sales off to strong start in 2021
(Getty, iStock)
Flooding caused by climate change leads to mounting real estate costs
Flooding caused by climate change leads to mounting real estate costs
arrow_forward_ios

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

Loading...