Goldman Sachs Asset Management is bolstering New York’s multifamily development pipeline with $233 million of financing for a project in the Brooklyn neighborhood of Crown Heights.
The New York-based manager will fund the ground-up development of the 569-unit property, 54 Crown Street, with the floating-rate loan. Chicago-based advisory JLL arranged the August 14 deal on behalf of San Francisco-based manager Carmel Partners, according to a Crain’s report.
The financing was originated by the Urban Investment Group within GSAM and marked another notch in the running tally of active multifamily developments across the borough. Data from Real Estate Capital USA’s lending snapshot shows Banco Inbursa, Madison Realty Capital, TD Bank and Franklin Templeton’s Benefit Street Partners all finalized multifamily construction loans in the city during the last week.
Real Estate Capital USA data ranks GSAM’s construction financing as one of the most sizable US multifamily projects by volume this year. M&T Bank, US Bank and Bank of China still hold the 2023 title for largest multifamily construction financing year-to-date with their $425 million loan for the development of The Orchard in the Queens neighborhood of Long Island City.
In recent months, the use of private credit lenders in place of more standard regional and national banks has gained some traction while the latter entities remain defensive with origination activity.
As one example, a joint venture between Canyon Real Estate Partners, Charney Companies and Tavros had to source $120 million of construction financing for a Brooklyn multifamily project from Barings after previously tapping Pacific Western Bank as their construction lender for a similar project in the same neighborhood of Gowanus.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
