The Real Deal New York

Adam America and partners score $104M loan for DoBro condo project

Ozarks backs yet another NYC resi development – this one rising on Nevins Street
By Mark Maurer | Twitter_logo_blue copy January 08, 2018 05:20PM

From left: Renderings of 10 Nevins Street, Ozarks’ George Gleason, China Vanke’s Yu Liang and Adam America’s Omri Sachs (Credit: Danya Cebus Construction and Getty Images)

UPDATED, Jan. 8, 6:09 p.m.: Adam America Real Estate, in partnership with China Vanke’s U.S. arm and Slate Property Group, locked in a $104 million construction loan for their 27-story Downtown Brooklyn condominium tower, The Real Deal has learned.

Bank of the Ozarks and iStar Financial provided the financing for the 183-unit, 179,000-square-foot building under construction at 10 Nevins Street, sources said. The loan closed last week. The Ozarks loan was $86 million; iStar provided the rest.

The developers filed an offering plan, which had no projected sellout, for the 183 apartments in June. (The New York state Attorney General’s office has not yet approved it.) Then, in July, the Department of Buildings approved the developers’ construction plans.

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When the firms closed on the nearly $48 million of the development site in 2015, they were considering a taller tower, with 34 stories. The site contained four buildings, which had been owned by Israel Neiman and a family of investors tied to the movie-prop jeweler the Colibri Group.

The project’s alternate addresses are 8-16 Nevins Street and 299-301 Livingston Street. The project also includes 37 parking spots.

JLL brokered the financing. The brokerage declined to comment, and the developers could not be immediately reached.

In the past month, Ozarks, an Arkansas-based bank, also gave loans for Sam Chang’s Chelsea hotel project and CIM Group and LIVWRK’s Crown Heights residential project.

Adam America and Vanke US, the local arm of Chinese development giant China Vanke, turned to Bank Leumi for a $98.5 million construction loan for their debut Queens project in July, a 182-unit Long Island City condo. That project has a projected sellout of $225.5 million, making it Queens’ most valuable new condo filing of 2017.

And, if Adam America wasn’t busy enough, the firm just filed a condo offering plan in late December for a 63-unit condo in Boerum Hill.