$213 million secured for Brooklyn Heights mixed-use tower

US: A joint venture between Landau Properties, Third Millennium Group and Midtown Equities has received $213 million in financing for a mixed-use project in Brooklyn. 

The $213 million pre-development financing represents Phase I of a larger $500 million development plan. 

It consists of a $113 million senior loan from Northwind Group, along with $100 million in equity (including $25 million in preferred equity) from Atlas Capital Group. 

Estreich & Co represented Landau Properties while Rosewood Realty Group acted on behalf of Atlas. 

Jonathan Landau, founder and CEO of Landau Properties, said: “This financing milestone marks a major step forward for our team and underscores our long-term commitment to delivering design-driven, landmark properties in the country’s most competitive markets.”

Located at 205 Montague Street, the project sits within the Brooklyn Heights neighbourhood. Developers will demolish a four-storey office building that currently sits on the site in order to make way for a 47-storey tower. Work is set to begin early next year. 

When complete, the project will feature 46 luxury condominiums and 90 rental units, along with 40,000 square feet of retail space. 

Highlights:

• A joint venture between Landau Properties, Third Millennium Group, and Midtown Equities has secured $213 million in pre-development financing for a mixed-use project in Brooklyn Heights.
• The financing represents Phase I of a wider $500 million development plan and includes a $113 million senior loan from Northwind Group and $100 million in equity from Atlas Capital Group.
• The project at 205 Montague Street will replace an existing four-storey office building with a 47-storey tower, with construction expected to begin in early 2026.
• Once completed, the development will comprise 46 luxury condominiums, 90 rental apartments, and 40,000 square feet of retail space.