- KKR supplied a $95M, 10-year fixed-rate refinancing for 544 Carroll Street, a 17-story, 133-unit Gowanus building owned by a venture of Avery Hall, Bridge Investment Group and Declaration Partners.
- The loan retires roughly $71.1M of prior debt, per JLL, which arranged it. The building has 98 market-rate and 35 affordable apartments, 6,284 SF of retail and sits in an Opportunity Zone.
- Lenders still compete for newly built New York apartment buildings with strong leasing and institutional sponsors, a point JLL’s Christopher Peck made in a statement on the deal.
KKR provided a $95M loan to refinance 544 Carroll Street, a 133-unit Gowanus apartment building, Commercial Observer reported.
Fixed for 10 years, the loan takes out about $71.1M of existing debt, JLL said. It also arranged the deal.
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Who’s Involved
Avery Hall Investments, Declaration Partners and Bridge Investment Group own the building through a joint venture. They finished the 17-story project in late 2025.
JLL’s debt advisory group, including Christopher Peck and Nicco Lupo, negotiated the loan.
The Building
Of its 133 apartments, 98 rent at market rates and 35 are affordable. The ground floor holds 6,284 SF of retail.
Residents get a rooftop terrace, a gym, coworking space and a kids’ play area. The site lies in a federally designated Opportunity Zone.
What the Lenders Said
Avi Fisher, a founding partner at Avery Hall, said the deal reflects the sponsors’ commitment to Brooklyn. KKR’s Adam Simon called the building a high-quality asset in a desirable market.
In a statement, JLL’s Peck credited the building’s leasing record and institutional sponsorship for the competitive financing. He called the deal proof of ongoing lender appetite for well-placed new multifamily in New York.
Zoom Out
Gowanus keeps attracting capital and plans. CRE Daily covered Ailanthus filing for a 400-unit Gowanus tower at 424 Hoyt Street, a 17-story project with 100 to 120 affordable units and a 46,000 SF public school.
Opportunity Zone money has also been at work here. A Commercial Observer piece we summarized in August noted that Opportunity Zone capital has funded housing in neighborhoods including Mott Haven and Gowanus.
Why It Matters
A fixed-rate, 10-year takeout from a credit platform gives a new building long-term certainty after construction. New York’s supply surge makes that important: CRE Daily reported the city delivered 38,682 units in 2025, its strongest total in six decades.
Lenders such as KKR are still willing to underwrite that supply when leasing is strong.
What’s Next
The sponsors now hold longer-dated financing on a building JLL says is leasing strongly. Watch whether more newly delivered Brooklyn buildings turn to the same kind of permanent refinancing.
