{"id":58625,"date":"2025-12-02T17:31:08","date_gmt":"2025-12-02T17:31:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/58625\/"},"modified":"2025-12-02T17:31:08","modified_gmt":"2025-12-02T17:31:08","slug":"pccp-boa-provide-175m-financing-for-brooklyn-multifamily-development-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/58625\/","title":{"rendered":"PCCP, BoA Provide $175M Financing for Brooklyn Multifamily Development \u2013 Commercial Observer"},"content":{"rendered":"

Monadnock Development<\/a> has secured $175 million in construction financing for 155 Third Street, a 22-story, 300-unit, mixed-use multifamily building that will rise above the Gowanus Canal in Brooklyn, Commercial Observer can first report.<\/p>\n

PCCP<\/a>, together with Bank of America<\/a>, provided the financing, while a JLL Capital Markets<\/a> team of Christopher Peck, Winfield Clifford, Kellogg Gaines and Nicco Lupo arranged the deal.\u00a0<\/p>\n

SEE ALSO: The Plan: At 111 West 57th\u2019s $49M Penthouse, It\u2019s Everything All at Once<\/a><\/p>\n

JLL\u2019s Clifford said in a statement that Monadnock Development\u2019s extensive experience developing rental assets in New York City helped create a financing process that drew interest from multiple lenders, and added that the neighborhood of Gowanus is primed for expanded rental developments following a 2022 rezoning.\u00a0\u00a0<\/p>\n

\u201cGowanus has reached a pivotal moment, and 155 Third Street is perfectly positioned to capitalize on the neighborhood\u2019s evolution into one of New York City\u2019s most dynamic residential areas,\u201d Clifford added.<\/p>\n

155 Third Avenue sits east of the north end of the Gowanus Canal, near the Brooklyn residential and commercial corridors of Park Slope, Carroll Gardens and Downtown Brooklyn. The project is expected to deliver 225 market-rate units and 75 affordable units, as the development was approved under the now expired 421a affordable housing tax abatement program.\u00a0<\/p>\n

The development will also include 30,000 of ground-floor commercial space that will be connected to the 7-acre Gowanus Greenway Esplanade planned nearby.\u00a0<\/p>\n

PJ Finley, vice president at PCCP, noted in a statement that New York City currently exhibits \u201cstrong supply-demand fundamentals,\u201d and that the development will help alleviate what he described as a \u201cchronically undersupplied residential market.\u201d\u00a0<\/p>\n

JLL reported in the third quarter of 2025 that New York\u2019s rent growth has risen 2.4 percent year-over-year and that the effective rent across New York City now averages a staggering $3,475 per month. Vacancies sit at a mere 2.4 percent.\u00a0<\/p>\n

Nick Lembo, founder and chairman of Monadnock Development, said in a statement that the project at 155 Third Street creates \u201cmuch-needed, high-quality housing across New York City.\u201d<\/p>\n

The development is expected to finish construction and deliver units to the market by the fourth quarter of 2027.\u00a0<\/p>\n

Brian Pascus can be reached at bpascus@commericialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Monadnock Development has secured $175 million in construction financing for 155 Third Street, a 22-story, 300-unit, mixed-use multifamily…\n","protected":false},"author":2,"featured_media":58626,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[31617,98,100,99,31618,31619,9,24,31620,31621,63,31622,31623],"class_list":["post-58625","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-155-third-street","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-christopher-peck","tag-kellogg-gaines","tag-new-york","tag-new-york-city","tag-nicco-lupo","tag-nick-lembo","tag-nyc","tag-pj-finley","tag-winfield-clifford"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/58625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=58625"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/58625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/58626"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=58625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=58625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=58625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}