Oaktree Capital Management provided just under $ 63.7 million in condominium inventory financing to a partnership between LIVWRK and CIM Group on a 12-story residential condo development in Crown Heights, Brooklyn, according to sources and files with the New York City Department of Finance.
The financing of the condominium inventory, which allows the borrowers of the joint venture to repay their previous construction debts and to hold existing residences available for sale, was made on the assets of the duo at 111 Montgomery Street. Previous debt of OZK Bank that was used to build it was removed in that deal, according to records.
JLL Capital Markets‘ Aaron Niedermayer and Jillian Mariutti led a team that researched and generated the funding, sources said.
“This funding demonstrates that an attractive condo inventory capital remains available for high quality projects and sponsorships in New York and we expect this to continue,Niedermayer said in a statement.
Conceived by Fischer + Makooi Architects, the development includes 163 condominium residences, which cover more than 121,500 square feet, as well as 112 storage spaces and an underground parking lot with 69 spaces. On-site amenities include a landscaped rooftop terrace, lounge, children’s play area, fitness center, and community garden for residents, according to the property’s website. Construction on the property was completed last year.
The property’s location puts it less than a block from Brooklyn Prospect Park region, which has a number of attractions, such as the Brooklyn Botanic Garden, the Prospect Park Zoo and the Brooklyn museum.
JLL’s Mariutti said the asset is a “dynamic project located in the heart of a booming neighborhood in Brooklyn.”
While this financing will allow borrowers to press the pause button for the time being with sales, the location’s units, which range in size from about 560 to over 930 square feet, were sold last month. for $ 1,007 to about $ 1,365 per square foot, respectively, according to sales information from Shark Property.
In the summer of 2018, LIVWRK and CIM Group were seeks to earn around $ 150 million from the sale of the 163 units, according to a report at the time of The real deal which cited an offer plan filed with the New York State Attorney General’s Office. CIM had bought the project the previous year for $ 30 million.
LIVWRK acquired the vacant land that would house the project in 2015 for $ 24.5 million.