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

Ozarks backs yet another NYC resi development – this one rising on Nevins Street

New York /
Jan.January 08, 2018 05:20 PM

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.

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.


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
Union Square Park to gain 2 acres in $100M plan (Getty_

Union Square Park to gain 2 acres in $100M plan

Union Square Park to gain 2 acres in $100M plan
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
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
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
A rendering of 250 Water Street and Howard Hughes Corporation CEO David O'Reilly (SOM; Getty; iStock)

Howard Hughes’ Seaport project dealt major blow

Howard Hughes’ Seaport project dealt major blow
arrow_forward_ios

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

Loading...