The redevelopment of an old religious structure into a luxury apartment complex is launched in the race with the closure of some redevelopment funding.
Barings and Western Pacific Bank have teamed up to provide a $ 63 million loan for the historic conversion of 800 Willoughby Avenue, a 121,000-square-foot historic church in Brooklyn’s Bedford-Stuyvesant neighborhood, soon to be transformed into a 204-unit residential building.
Newmark Capital Markets‘ Dustin Stolly and Jordan roeschlaub, co-responsible for debt and structured finance, negotiated the debt on behalf of the borrowers, with Daniel Fromm, Nick scribani and Chris Kramer.
“This project ticks all the boxes: top-notch sponsorship with in-depth development experience, a reputable site and exceptional build quality, all of which have reassured lenders in an otherwise volatile market environment,” said Stolly .
Once owned by Saint-Jean-Baptiste Roman Catholic Church and part of a catholic university, the project is being redeveloped by a joint venture between Real estate resource company. and Avenue de la Capitale Immobilière.
The 130-year-old building is two blocks from the Bushwick neighborhood and close to Myrtle-Broadway Tube Station. Once its renovation is complete, the property will consist of a mix of studios, one and two bedroom units. Its set of amenities will include a 1,400 square foot gym, backyard with reflecting pool, indoor / outdoor tenants lounge, business center, pet spa, bicycle parking, a two-level garage and storage space for tenants.
“Brooklyn’s apartment market is one of the fastest growing and most successful in New York City, given its superior transportation accessibility and neighborhood amenities,” said Roeschlaub.