A rendering of All Year Management’s mixed-use project at the former Rheingold Brewery in Brooklyn.
NEW YORK CITY—All Year Management, the developer of a major mixed-use project at the former Rheingold Brewery site in Bushwick, Brooklyn, has secured a $270 million construction loan for the venture.
Madison Realty Capital provided the construction loan for the project that is already under construction. All Year Management is developing two separate buildings totaling more than 1 million square feet that will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces.
MRC previously provided a bridge loan for site acquisition and pre-development for the project, and is now providing full construction financing for the project.
“We know the borrower well, having financed several previous projects for them, and we know Bushwick well from our prior investments in the neighborhood,” says Josh Zegen, co-founder and managing principal of MRC. “Approvals are already in place, construction is well under way, and the borrower has invested significant equity into the development. We believe that this large, high-profile project will be a success and we’re pleased to play a key role in it by providing the construction financing.”
The development is located at 123 Melrose and 54 Noll streets in Bushwick, both part of the former Rheingold Brewery complex. At the 54 Noll building, construction has topped out, windows are nearly fully installed, and framing is under way, MRC reports. The foundation for the 123 Melrose building has been completed, and concrete is being poured for the lower floors. The site has vested 421a tax benefits in place and the residential portion of the development includes an affordable component.
The 54 Noll building is expected to be delivered in the next 12 months and delivery of the second building at 123 Melrose is expected approximately four to six months thereafter.
The first through ninth floors of the two buildings will predominantly consist of 911 residential units including studios, one-bedrooms, flex one-bedrooms, and two-bedroom units. Parking and common amenity areas will be allocated across the cellars and subcellars, with building amenities including multiple fitness rooms (a boxing center, yoga studio, cycling room and exercise room), libraries, spas (including sauna, steam, and massage rooms), locker rooms, laundry rooms, event spaces, lounges, media centers, bowling lanes, art labs, studios, studies and a theater. The development also offers significant below grade space for additional amenities, office space, and creative rooms.