The Real Deal Logo

TRENDING

Florida’s $711M affordable housing bill becomes lawFlorida’s $711M affordable housing bill becomes lawSimon wins suit against Seritage over Sears in Boca RatonSimon wins suit against Seritage over Sears in Boca RatonGenting scores 5 offers, each over $1B for downtown Miami dev siteGenting scores 5 offers, each over $1B for downtown Miami dev siteThe trouble with tenancy-in-commonThe trouble with tenancy-in-common
New York

Flank, Carlyle Group secure $175M loan for the Boerum

Boerum Hill condo's sales have broken neighborhood records

Renderings of The Boerum at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/265-State-Street-Brooklyn-NY-11201/3001700001-0" target="_blank" data-address="265%20State%20Street%2C%20Brooklyn" data-label="265%20State%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F265-State-Street-Brooklyn-NY-11201%2F3001700001-0" data-bbl="3001700001" data-blockValue="00170" data-lotValue="0001" data-zipcode="11201" data-bldgArea="406%2C628" data-bldgDepth="0" data-bldgFront="0" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="27%2C581" data-lotFront="180" data-lotDepth="605" data-retailArea="99%2C245" data-resArea="213%2C181" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="U7" data-primaryZoning="C6-1" data-commercialOverlay="" data-far="3.44" data-buildable="94%2C878" data-airRights="-311%2C665" data-propertyNeighborhood="Boerum%20Hill" data-latitude="40.6894238918546" data-longitude="-73.988090359995" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F265-State-Street-Brooklyn-NY-11201%5C%2F3001700001-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F265-State-Street-Brooklyn-NY-11201%5C%2F3001700001-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">265 State Street</a> in Brooklyn

Renderings of The Boerum at 265 State Street in Brooklyn

Developers Flank and the Carlyle Group secured a $175 million construction loan to fund The Boerum condominium project at 265 State Street in Brooklyn, according to property records filed with the city Wednesday.

The mortgage, provided by M&T Bank, consists of a $121.6 million building loan, a $28.5 million project loan and a $24.9 million land loan for the 20-story, 128-unit development in Boerum Hill.

Sales at The Boerum launched in December, with at least two apartments having already sold for more than $4 million each – a neighborhood record, as The Real Deal reported.

The Carlyle Group confirmed the loan for 265 State Street, as well as the amount. Neither Flank nor M&T Bank responded to requests for comment.

Units at Flank’s 224 Mulberry Street condos in Nolita also pushed neighborhood price standards after going under contract at more than $3,300 per square foot, TRD reported.

Tags
Boerum HillCarlyle GroupFlankM&t Bank

TRENDING

Florida’s $711M affordable housing bill becomes lawFlorida’s $711M affordable housing bill becomes lawSimon wins suit against Seritage over Sears in Boca RatonSimon wins suit against Seritage over Sears in Boca RatonGenting scores 5 offers, each over $1B for downtown Miami dev siteGenting scores 5 offers, each over $1B for downtown Miami dev siteThe trouble with tenancy-in-commonThe trouble with tenancy-in-common
New York

Flank, Carlyle Group secure $175M loan for the Boerum

Boerum Hill condo's sales have broken neighborhood records

Renderings of The Boerum at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/265-State-Street-Brooklyn-NY-11201/3001700001-0" target="_blank" data-address="265%20State%20Street%2C%20Brooklyn" data-label="265%20State%20Street" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F265-State-Street-Brooklyn-NY-11201%2F3001700001-0" data-bbl="3001700001" data-blockValue="00170" data-lotValue="0001" data-zipcode="11201" data-bldgArea="406%2C628" data-bldgDepth="0" data-bldgFront="0" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="27%2C581" data-lotFront="180" data-lotDepth="605" data-retailArea="99%2C245" data-resArea="213%2C181" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="U7" data-primaryZoning="C6-1" data-commercialOverlay="" data-far="3.44" data-buildable="94%2C878" data-airRights="-311%2C665" data-propertyNeighborhood="Boerum%20Hill" data-latitude="40.6894238918546" data-longitude="-73.988090359995" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F265-State-Street-Brooklyn-NY-11201%5C%2F3001700001-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F265-State-Street-Brooklyn-NY-11201%5C%2F3001700001-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">265 State Street</a> in Brooklyn

Renderings of The Boerum at 265 State Street in Brooklyn

Developers Flank and the Carlyle Group secured a $175 million construction loan to fund The Boerum condominium project at 265 State Street in Brooklyn, according to property records filed with the city Wednesday.

The mortgage, provided by M&T Bank, consists of a $121.6 million building loan, a $28.5 million project loan and a $24.9 million land loan for the 20-story, 128-unit development in Boerum Hill.

Sales at The Boerum launched in December, with at least two apartments having already sold for more than $4 million each – a neighborhood record, as The Real Deal reported.

The Carlyle Group confirmed the loan for 265 State Street, as well as the amount. Neither Flank nor M&T Bank responded to requests for comment.

Units at Flank’s 224 Mulberry Street condos in Nolita also pushed neighborhood price standards after going under contract at more than $3,300 per square foot, TRD reported.

Tags
Boerum HillCarlyle GroupFlankM&t Bank