9 Dekalb Ave.
NEW YORK CITY—Michael Stern's JDS Development received $664.1 million in construction financing for its residential skyscraper at 9 Dekalb Ave. in Brooklyn. Otéra Capital Inc. and Silverstein Capital Partners provided the loan for the multifamily rental tower, which will be the tallest building in the borough at 1,066 feet high. The building is scheduled to be completed in 2022.
A JLL team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisher, Matthew Collins and Sean Bastian negotiated the financing.
“This project checked all the boxes: a premier sponsor with deep development experience, a marquee building that will define the Brooklyn skyline and lenders that recognized this as an outstanding opportunity,” says Appel.
With 425 rental apartments, 30% will be capped below market rates. The building will also offer 150 condominiums and 120,000 square feet of retail. Off the Dekalb subway station, the property is in Downtown Brooklyn, close to Fort Greene and Brooklyn Heights.
The deal represents the first loan by Silverstein Capital Partner, the lending division of Silverstein Properties, as reported by The Real Deal.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
