Capital One Wraps $277M Loan Syndication for Brooklyn M-F Tower

By Barbra Murray, Contributing Editor

Capital One Bank, serving as administrative agent and sole lead arranger, has wrapped up the syndication of a $277 million construction loan for 2 North 6th Place, a 554-unit apartment high-rise and the final phase of Douglaston Development’s Edge mixed-use project in the Williamsburg section of Brooklyn, N.Y.

Rising 40 stories above the East River, 2 North 6th will feature 554 market rate and luxury residential units. Edge’s first phase (pictured), which debuted in 2009, comprises 565 condos, 347 affordable and market rate apartments, as well as 60,000 square feet of retail condominium accommodations. Douglaston’s equity investment partners are AIG Global Real Estate Investment Corp. and MacFarlane Partners Investment Management.

Edge’s second phase drew plenty of interest from lenders. The syndication–which  includes TD Bank, Santander Bank, RBS Citizens, Landesbank Baden-Wurttemberg, Mercantile Commerce Bank, and Israel Discount Bank–was oversubscribed. The loan features a four-year term and three options for a one-year extension.

“Capital One Bank is pleased to support this project, which reflects the growing interest in the Williamsburg waterfront,” Ben Stacks, New York manager for Capital One Bank Commercial Real Estate, said in a statement. “The developers have already demonstrated their understanding of the optimal mix of units and amenities needed for success in the area.”