Monadnock Development has secured $175 million in construction financing for a new 300-unit multifamily project in Gowanus, Brooklyn. The loan was provided by PCCP and U.S. Bank, according to a report from the Commercial Observer. JLL Capital Markets arranged the debt, with Christopher Peck, Winfield Clifford, and Kellogg Gaines involved in the transaction.
The planned development at 155 Third Street will be a 22-story building located west of the northern end of the Gowanus Canal. It is set to include 225 market-rate apartments and 75 affordable units. The project received approval under the 421a affordable housing program before its expiration.
In addition to residential space, the development will feature 30,000 square feet of commercial area and ground-floor retail. This retail space will connect to a proposed seven-acre esplanade. Construction is expected to be completed by the last quarter of 2027.
Gowanus has seen increased development activity since it was rezoned four years ago to encourage mixed-use projects in areas previously dominated by manufacturing. At that time, city officials projected that rezoning across 82 blocks would make way for over 8,500 new apartments, including about 3,000 designated for low- and moderate-income residents.
This rezoning effort was one of the largest upzonings during Bill de Blasio’s administration. Developers have responded by launching new residential projects as part of efforts to transform Gowanus into a residential neighborhood.
In November, David Tabak acquired a development site at 563 Sackett Street in Gowanus for $58.5 million and plans to build a 12-story residential building with 350 units.
Separately, Monadnock partnered with Gotham Organization and Christian Cultural Center earlier this year to secure a $315 million loan for an affordable housing project in East New York. That loan supports construction of 453 rental units on land formerly used as a parking lot at Christian Cultural Center’s Brooklyn campus.
“— Holden Walter-Warner”
