Square Mile Capital provides $180M loan for Brooklyn tower

Construction financing allows Hope Street Capital to complete its 29-story building in Clinton Hill

TRD New York /
Dec.December 11, 2019 11:00 AM
Hope Street Capital's Sha Dinour and Square Mile Capital's Craig Solomonwith renderings of 550 Clinton Avenue in Brooklyn (Credit: Getty Images and Morris Adjmi Architects)

Hope Street Capital’s Sha Dinour and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Getty Images and Morris Adjmi Architects)

Square Mile Capital Management has provided a $180 million construction loan to the developer behind a planned 29-story tower in Brooklyn.

The financing will allow Manhattan-based Hope Street Capital to complete a planned 280,000-square-foot property at 550 Clinton Avenue in Clinton Hill. The project will include 284 residential units, 60,000 square feet of retail space and an outdoor pool, according to the Commercial Observer.

The landlord’s design won approval from New York’s Landmarks Preservation Committee in 2018. As part of that process, the landlord agreed to make repairs to a landmarked church next to the site, the Church of St. Luke & St. Matthew at 520 Clinton Avenue.

Square Mile has seen an uptick in lending activity recently. In October, it provided a $430 million loan to the owners of the Guardian-Life building in the Financial District. And last month, the lender provided a $200 million debt package to Joseph Chetrit for his redevelopment of the Mary Immaculate Hospital in Jamaica.

Hope Street, led by Jeffrey Gershon, has a portfolio of properties across the city, including a Jehovah’s Witnesses building in Dumbo it acquired in 2017 for $60 million. [CO] — David Jeans 


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Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)

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