Developers behind a 47-story mixed-use residential tower in Brooklyn Heights are rounding the bases.<\/p>\n
A joint venture between Landau Properties<\/a>, Third Millennium Group<\/a> and Midtown Equities<\/a> scored $113 million of acquisition and pre-development financing for a planned $500 million ground-up project at 205 Montague Street, a site that once housed offices for baseball\u2019s famed Brooklyn Dodgers.\u00a0<\/p>\n SEE ALSO: KSL, Madison Realty Capital Deploy $400M for Nashville Hotel-Condo Project<\/a><\/p>\n Northwind Group<\/a> closed the senior loan for the sponsorship\u2019s planned development that will include 46 condominiums, 90 rental apartments and 40,000 square feet of retail space where a five-story commercial building now sits. The project sponsors also landed $100 million in equity, which included $25 million in preferred equity from Atlas Capital Group<\/a>.<\/p>\n \u201cThis financing milestone marks a major step forward for our team and underscores our long-term commitment to delivering design-driven, landmark properties in the country\u2019s most competitive markets,\u201d Jonathan Landau, founder and CEO of Landau Properties, said in a statement.\u00a0<\/p>\n The transaction was facilitated by Raffi Landau of Estreich & Company acting on behalf of Northwind, and Aaron Jungreis of Rosewood Realty Group representing Atlas Capital Group.<\/p>\n Demolition and construction is slated to commence in early 2026 at the historic site where Dodgers general manager Branch Rickey signed<\/a> Jackie Robinson in 1945 to play for a Dodgers farm team, the first step toward breaking Major League Baseball\u2019s color barrier. The Dodgers offices closed after the team left for Los Angeles in 1958, and the structure (which had used 215 Montague Street as its address) was replaced with another office building.<\/p>\n The acquisition and pre-development construction financing for 205 Montague Street was originated by Northwind Debt Fund III, the private equity firm\u2019s latest closed-ended fund targeting real estate credit investments across the U.S. The loan closed in a 30-day \u201cexpedited timeline\u201d, according to Ran Eliasaf, founder and managing partner of Northwind Group.\u00a0<\/p>\n \u201cWe remain strong believers in New York City\u2019s residential market and the long-term fundamentals that sustain it, due to inherent supply constraints,\u201d Eliasaf said in a statement. \u201cBrooklyn Heights exemplifies these characteristics, and this upcoming project is well positioned to benefit from sustained demand in this supply-stricken neighborhood.\u201d\u00a0<\/p>\n