Owners & management · Deals & development · 10/23/2026
KKR Lends $95M to Refinance New Gowanus Rental at 544 Carroll Street
A joint venture of Avery Hall Investments, Bridge Investment Group and Declaration Partners got a $95 million, 10-year, fixed-rate loan from KKR. It refinances 544 Carroll Street, a 17-story Gowanus building near Park Slope that opened in late 2025. The 133-unit building sits in a federal Opportunity Zone and includes 35 affordable apartments and 6,284 square feet of ground-floor retail.
Reported by Commercial ObserverRead the original ↗
What happened
A joint venture of Avery Hall Investments, Bridge Investment Group and Declaration Partners has closed a $95 million loan to refinance its new apartment building at 544 Carroll Street in Gowanus, Brooklyn, near the Park Slope border. Commercial Observer reported the deal on 10/23/2026.
KKR supplied the loan. It is a 10-year, fixed-rate loan. According to JLL, which arranged the deal, the refinance pays off roughly $71.1 million of earlier debt on the property.
The 17-story building was completed and opened in late 2025. It has 133 apartments. Of those, 98 are market-rate and 35 are designated as affordable. It also has 6,284 square feet of ground-floor retail space and sits in a federally designated Opportunity Zone. Amenities include a rooftop terrace, coworking space, a fitness center and a children's playroom.
JLL's Christopher Peck said the building's strong leasing helped it attract competitive financing. Avi Fisher of Avery Hall Investments called the project part of the firm's long-term commitment to Brooklyn.
Key facts
- Address
- 544 Carroll Street, Gowanus, Brooklyn
- Loan
- $95 million, 10-year, fixed-rate, from KKR
- Debt retired
- Roughly $71.1 million, according to JLL
- Units
- 133 total: 98 market-rate, 35 affordable
- Building
- 17 stories, 6,284 sq ft of ground-floor retail
- Completed
- Late 2025
- Owners
- Avery Hall Investments, Bridge Investment Group and Declaration Partners
- Loan arranged by
- JLL (Christopher Peck, Peter Rotchford, Michael Shmuely, Nicco Lupo)
What it means
Tenants and voucher holders
The article does not say anything changes for people living in the building. A refinance is a deal between the owner and a lender, and the material gives no details on rents, leases or whether the 35 affordable units take vouchers.
Caseworkers
The building has 35 affordable units, but the material does not say what program they fall under, what the income limits are, or whether any are open. Clients interested in Gowanus would need to check current listings directly.
Landlords
JLL describes continued lender interest in newly built, well-located multifamily buildings in NYC. This was a large institutional deal, and the article says nothing about lending terms for smaller or older buildings.
The highlights
- The 10-year, fixed-rate loan retires about $71.1 million of prior debt.
- The 17-story building has 133 units: 98 market-rate and 35 affordable.
- JLL arranged the deal for Avery Hall, Bridge Investment Group and Declaration Partners.
Why it matters Landlords
Lenders are still offering long-term fixed-rate debt for new, well-leased NYC rentals, including mixed-income buildings.
Not known yet
- What affordability program governs the 35 affordable units and what their income limits and rents are
- Whether the affordable units were filled through a housing lottery and whether any are vacant
- Current market-rate rents and how full the building is
- The loan's interest rate and other terms
Background
In NYC, affordable units in new private buildings are often tied to a city or state program and filled through HPD's Housing Connect lottery, with income limits set as a share of Area Median Income. A refinance replaces an owner's existing loan with a new one. On its own, it does not change tenants' leases or the rules attached to regulated units. NYC law also bars landlords from refusing tenants because they pay with a housing voucher.
Summary written by Bulwark from Commercial Observer’s reporting. The original story is at commercialobserver.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0