SHEEPSHEAD BAY — THE FORMER AVALON Brooklyn Bay luxury complex, now rebranded as Aqualina New York, is changing hands after GFI Realty Services arranged a $40 million acquisition loan for the property, located at 1501 Voorhies Ave. in Sheepshead Bay, reports the New York Real Estate Journal. The financing, provided by OceanFirst Bank, was structured by Daniel Lerer, managing director at GFI.

The building includes nine floors of already-sold condo units and 18 floors of rental units, as well as a 105-car garage, a rooftop pool, a gym and a children’s playroom. The loan’s collateral includes the rental component and the garage. 

The building was delivered in 2018 by AvalonBay Communities, which managed the rental half, and Muss Development. Lerer said the deal provides “attractive leverage” and preserves long-term flexibility.

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