Avery Hall signs $176M construction loan with QuadReal, Global Holdings for rental in Downtown Brooklyn

Avery Hall Investments through the entity One Boerum Development Partners LLC as borrower signed a new construction loan with lender QuadReal Property Group and Global Holdings Management Group through the entity QuadReal Finance Inc. valued at $176 million for the 122-unit rental (D6) at 1 Boerum Place in Downtown Brooklyn, Brooklyn.
The deal closed on August 20, 2021 and was recorded on October 19, 2021.
The property has 233,431 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $753 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 29, 2016, for $76.5 million.
The signatory for Avery Hall Investments was Avishy Fisher. The signatory for QuadReal Property Group and Global Holdings Management Group was Reid Turner and Andreas Georgiou.
(320912394) Plans for a 138-unit, 203,765 square-foot R-2 were filed on May 2, 2018 and were permitted on August 1, 2019.
The financing package is for the construction of a luxury rental building, the Commercial Observer reported.

$40.45 million portion of the debt was assigned to Global Holdings.
There was a condominium project filed with the address 7 Boerum Place and the name One Boerum Condominium on September 11, 2019. The principals of the sponsor, One Boerum Development Partners Llc, were Avishy Fisher, Brian Ezra, Joshua Benaim, Timothy Gordon, and Jesse Wark. link

Within a 400-foot radius of 1 Boerum Place, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, three were sales above $5 million totaling $45.3 million. The most recent of the three was Feil Organization which bought the 11,208-square-foot, one-unit retail building (K1) on 360 Fulton Street for $12.5 million from Weinstein Enterprises on June 2, 2021.
Of those seven items, four were loans above $5 million totaling $150.0 million. The most recent of the four was Clipper Equity which borrowed $100.0 million from Citibank secured by the 193,195-square-foot, 31-unit office building (O6) on 32 Smith Street on March 3, 2021.

Direct link to Acris document. link