A joint venture of Avery Hall Investments, Bridge Investment Group and Declaration Partners has closed a $95 million refinancing on a newly built apartment tower in Gowanus, with KKR providing the debt, Commercial Observer reported.

The loan is a 10-year, fixed-rate facility secured by 544 Carroll Street, a 17-story multifamily building that was completed late last year. The new financing retires roughly $71.1 million of previous debt, according to JLL, which arranged the transaction.

The deal lands in a Brooklyn submarket that has been reshaped by new residential construction, and it shows institutional capital still willing to underwrite fresh product in the borough. The property sits within a federally designated Opportunity Zone.

The building holds 133 units, of which 98 are market-rate and 35 are designed as affordable. It also includes 6,284 square feet of ground-floor retail space. Amenities include a rooftop terrace, a coworking space, a fitness center and a children’s playroom.

JLL’s capital markets debt advisory team of Christopher Peck, Peter Rotchford, Michael Shmuely and Nicco Lupo negotiated the financing. In a statement, Peck, a senior managing director at JLL, credited the property’s leasing performance and the strength of its sponsorship. “544 Carroll Street’s strong leasing performance and institutional-quality sponsorship positioned the property to attract competitive financing,” he said. He added that the deal “demonstrates continued lender appetite for well-located, newly developed multifamily assets in New York City.”

Avi Fisher, a founding partner at Avery Hall Investments, framed the refinancing as a vote of confidence in the neighborhood. “This project reflects our long-term commitment to Brooklyn and our confidence in this neighborhood’s continued evolution,” Fisher said in a statement. He described the project as “a residential project that stands out for its quality in this dynamic and increasingly established market.”

The refinancing locks in long-term, fixed-rate debt on an asset that has had under a year to stabilize since delivery. For the sponsors, a 10-year fixed-rate structure offers predictability on a building still early in its operating life. The roughly $24 million gap between the new loan and the retired debt reflects the larger size of the permanent financing relative to what it replaced, though the source does not detail how the additional proceeds will be used.

KKR did not immediately return a request for comment, according to Commercial Observer.

Frequently Asked Questions

Who provided the $95 million loan for 544 Carroll Street?

KKR provided the $95 million 10-year fixed-rate loan secured by 544 Carroll Street in Brooklyn’s Gowanus neighborhood. The refinancing was arranged by JLL.

How many units are in the 544 Carroll Street building?

The 17-story building has 133 units, of which 98 are market-rate and 35 are designed as affordable. It also includes 6,284 square feet of ground-floor retail space.

Who owns 544 Carroll Street in Gowanus?

A joint venture of Avery Hall Investments, Bridge Investment Group and Declaration Partners sponsors the property. Avi Fisher is a founding partner at Avery Hall Investments.

How much previous debt did the 544 Carroll Street refinancing retire?

The new financing retires roughly $71.1 million of previous debt, according to JLL. The new loan is larger than the debt it replaced by about $24 million.

Is 544 Carroll Street located in an Opportunity Zone?

Yes, the property sits within a federally designated Opportunity Zone. The building was completed late last year.

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