Jutland Finance provided the construction loan for Downtown Brooklyn condo project
Avery Hall Investments, Allegra Holdings, and Aria Development Group have secured $165 million in construction financing from Jutland Finance for One Boerum Place. Upon completion, the Downtown Brooklyn condo project will span 246,700 square feet, and consist of 122 residential units, plus a retail component (21,020 SF).
Financing details: The three-year, floating-rate loan comes with two one-year extension options, according to Crain’s.
Flashback: Avery Hall paid $76.5 million for the property in 2016. The developer also acquired around 50,000 square feet of unused development rights for $16 million.