NEW YORK CITY—A joint venture of Jonathan Rose Cos. and BedRock Real Estate Partners has closed on $144 million of debt and equity financing for The Pierrepont, an 86-unit, 80/20 mixed-income rental residential building currently under construction in the Brooklyn Heights section of Brooklyn.
The property is comprised of two 19-story towers that face Pierrepont and Montague Streets.
Santander Bank is providing the construction financing. JD Capital, a public asset investment and advisory firm based in China, is providing additional equity. JD Capital is advised by Dallas-based L&B Realty Advisors, an SEC-registered real estate investment advisor, with $8.5 billion in assets under management.
The 160,000-gross square-foot project will contain 86 apartments, with a number of large, family-oriented units, a floor of dedicated amenities and approximately 6,000 square feet of ground floor retail with street frontage on both Montague and Pierrepont. Santander is leasing the Montague side of the project for a bank branch. Construction is expected to be completed in 24 months. The building will have numerous sustainable features that will exceed the requirements for Enterprise Green Communities certification.
“Brooklyn Heights is an extraordinary neighborhood for families, with a combination of superb parks, schools, transportation, retail and neighborhood character,” says Jonathan F.P. Rose, president, Jonathan Rose Cos. “We are very pleased to have JD join us as investors in this development. They share our enthusiasm and vision for the project and will make great long term partners.”
The property is comprised of two 19-story towers that face Pierrepont and Montague Streets.
Santander Bank is providing the construction financing. JD Capital, a public asset investment and advisory firm based in China, is providing additional equity. JD Capital is advised by Dallas-based L&B Realty Advisors, an SEC-registered real estate investment advisor, with $8.5 billion in assets under management.
The 160,000-gross square-foot project will contain 86 apartments, with a number of large, family-oriented units, a floor of dedicated amenities and approximately 6,000 square feet of ground floor retail with street frontage on both Montague and Pierrepont. Santander is leasing the Montague side of the project for a bank branch. Construction is expected to be completed in 24 months. The building will have numerous sustainable features that will exceed the requirements for Enterprise Green Communities certification.
“Brooklyn Heights is an extraordinary neighborhood for families, with a combination of superb parks, schools, transportation, retail and neighborhood character,” says Jonathan F.P. Rose, president, Jonathan Rose Cos. “We are very pleased to have JD join us as investors in this development. They share our enthusiasm and vision for the project and will make great long term partners.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
