JDS, Chetrit land $135M loan for Brooklyn’s tallest tower
JDS Development and the Chetrit Group are one step closer to making their Downtown Brooklyn mega-tower a reality.
The developers secured a $135 million bridge and pre-development loan for the project at 9 Dekalb Avenue, sources told The Real Deal.
The loan, from Bank of the Ozarks and mezzanine lender Melody Finance, allows them to continue with early construction on the project, which began foundation work in January. The planned 73-story mixed-use tower is slated to house more than 400 rental apartments and would be the borough’s tallest tower at 1,066 feet.
The loan replaces debt provided by Kushner Companies and Fortress Investment Group, and means Kushner no longer has any involvement in the project, sources said. The partners are still in the market for a loan in excess of $265 million to help complete construction.