Jonathan Rose Cos And BedRock Real Estate Services Land $144M In Financing, Will Start Development On Brooklyn Heights Rental Project
After landing $144M in construction financing and equity, Jonathan Rose Cos and BedRock Real Estate Services can start development on the Pierrepont Apartments (pictured), a Brooklyn Heights rental.
Beijing-based private equity firm JD Capital has been brought on as a partner after giving $90M in equity. The other $54M was provided by Santander Bank, replacing $28M in debt.
Jonathan Rose Cos typically uses a debt ratio of 40% leverage, COO Mike Daly told The Real Deal, making it “a more conservative loan” for skittish lenders. The project also presents a “great long-term value proposition.”
The 160k SF 80/20 project features a pair of 19-story buildings connected by a two-story base. The project’s 86 units will mainly be family-sized two- or three-bedrooms, with several full-floor units.
Each unit will have washing machines, dryers, hardwood floors, porcelain tile bathrooms, stainless-steel apartments and energy-efficient VRF systems. Some units will have private outdoor terraces. There’s also 6k SF of commercial space with street frontage.
The project’s foundation has already been laid, and construction is expected to be completed by 2018. [TRD]