TD Bank Provides $254 Million Construction Loan For Brownsville Arts Center & Apartments In Brooklyn

The asset involved in this transaction is a development site located at 366 Rockaway Avenue in Brooklyn. This property has secured a loan amount of $254,000,000 for construction purposes. The site is designated for the development of the Brownsville Arts Center & Apartments, which will provide affordable housing and a cultural hub for the community.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $254,000,000
• Lender: TD Bank
• Landlord: James Patchett - Gilbane Development, Blue Sea Development, Artspace Projects

The deal is significant as it involves collaboration among Gilbane Development, Blue Sea Development, Artspace Projects, and NYC officials. The project aims to deliver 283 affordable units by late 2027, highlighting the commitment to providing housing and cultural resources in the area.