April 25, 2019
A $664-million construction loan from Silverstein Capital Partners and Otera Capital has ended JDS Development Group’s years-long quest for financing of a supertall tower at 9 DeKalb Ave. in Brooklyn. Construction of the 1,066-foot-tall apartment project is slated to begin this summer, according to Crain’s New York Business.
The tower, designed by Shop Architects, will include 425 apartments, about 30% of which will be capped below market rate, Crain’s reported. The project will also include 150 condominium units.
JDS head Michael Stern and then-partner Joe Chetrit purchased the 9 DeKalb site, home to the century-old, landmarked Dime Savings Bank, in 2015 for $90 million. Under plans approved by the Landmarks Preservation Commission in 2016, the bank will be converted into public space and a flagship store, with the 73-story tower to be built behind it.
The Wall Street Journal first reported the construction loan.
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