EverWest Real Estate Partners is pleased to announce the closing of a $70 million mezzanine loan supporting the development of a mixed-use project consisting of approximately 177 apartment units, 100k sf of office space, 50k sf of retail space and a 300-space below-grade parking garage located at the foot of the Williamsburg Bridge in Brooklyn, NY. The project is led by sponsors Tavros Holdings and Charney Construction - two New York City-based groups with significant development and construction experience in the New York market.
EverWest advised two of its investment clients on the mezzanine loan. The senior construction loan was provided by a fund managed by Square Mile. Jonathan Schwartz and Mark Fisher led JLL's Capital Markets team in New York City on the transaction.
Thomas McCahill, EverWest Managing Principal stated, "Our capital partners and EverWest have been targeting New York opportunities for some time and felt that The Dime development met all of our prerequisites: top notch local sponsorship, dynamic market fundamentals, transit oriented development and an adaptive reuse of an iconic local asset. We're pleased we were able to provide a creative cost effective capital execution for all our partners."
Joe Chickey, Senior Director at EverWest said, "We are excited to partner with the Tavros and Charney sponsorship group. Their vision to transform the historic Dime bank building into a marquee real estate asset in the evolving and vibrant Brooklyn market is one we are excited to be able to support."
Nick Silver, Tavros Founding Partner said, "the Everwest team and their capital partners were responsive to our capital needs and worked well with all parties involved in the Dime capitalization. They were quick to understand our business plan and market positioning and able to meet our closing timeline."