The Real Deal New York

All Year Management nearing $230M refi at massive Bushwick rental project

Funds will go towards second phase of the 1M sf "Denizen Bshwk" development
By Chava Gourarie | December 20, 2018 02:30PM

Renderings of Denizen Bshwk at 54 Noll Street in Bushwick (Credit: ODA)

Yoel Goldman’s All Year Management has signed a term sheet with a lender for a $230 million loan to refinance the second phase of its gargantuan rental development on the former Rheingold Brewery site in Bushwick, according to documents filed on the Tel Aviv Stock Exchange.

The loan will replace a previous $165 million on the project and cover some financial costs. Goldman refinanced the first phase of the project with debt issued in Tel Aviv earlier this year.

The 1 million square-foot-development, dubbed “Denizen Bshwk,” is comprised of two eight-story buildings designed by ODA New York, with 900 apartments, over 100,000 square feet of retail space, an 18,000-square-foot park and a parking structure.

Leasing is underway at the first of the two buildings, at 54 Noll Street, an eight-story building with 433 units. According to StreetEasy, there have been 223 units rented at an average of $2,915. In November, Goldman signed a 50-year deal with the supermarket Foodtown to anchor the retail section. Other signed tenants include a pet groomer, a coffee retailer, and AT&T.

The second building, at 123 Melrose, contains 385 units and is currently under construction.

The loan has a three year term with an option to extend for two additional years. The interest rate starts at 5.4 percent and increases during each extension. The deal is expected to close before the end of January.

All Year was not immediately available for comment.