Jonathan Rose Companies, in partnership with Bedrock Real Estate Partners LLC, has closed on $144 million in debt, equity financing for The Pierrepont
Construction Commences on 86-Unit Mixed-Income Residential Building in Brooklyn Heights
A joint venture of Jonathan Rose Companies (JRCo) and BedRock Real Estate Partners LLC (BR) has closed on $144 million of debt and equity financing for The Pierrepont, a new 86-unit 80/20 mixed-income rental residential building which is currently under construction. The two 19-story towers face Pierrepont and Montague streets in Brooklyn Heights.
Santander Bank is providing the construction financing. JD Capital, a public asset investment and advisory firm based in China, is providing additional equity. JD Capital is advised by Dallas-based L&B Realty Advisors, LLP, an SEC-registered real estate investment adviser, with $8.5 billion in assets under management.
The 160,000-gross-square-foot project will contain 86 apartments, with a number of large, family-oriented units, a floor of dedicated amenities and approximately 6,000 square feet of ground-floor retail with street frontage on both Montague and Pierrepont. Santander is leasing the Montague side of the project for a bank branch. Construction is expected to be completed in 24 months. The building will have numerous sustainable features that will exceed the requirements for Enterprise Green Communities certification.