GFI Realty arranges $40 million acquisition loan for Avalon Brooklyn Bay

Brooklyn, NY GFI Realty Services closed a $40 million acquisition loan for 1501 Voorhies Ave., formerly known as Avalon Brooklyn Bay and rebranded by the buyer as Aqualina New York, located in the Sheepshead Bay neighborhood. The financing was secured through OceanFirst Bank and arranged by Daniel Lerer, managing director, investment sales & finance at GFI Realty Services.

The collateral for the loan includes the entire rental portion of the building, spanning floors 2 through 19, as well as a 105-space parking garage, encompassing a total of 149,881 s/f of residential space. Floors 20 through 28, contain 56 individual condominium units which were previously sold.

Originally delivered in 2018 as a joint venture between AvalonBay Communities and Muss Development, Avalon Brooklyn Bay was designed as a mixed-use condominium structure featuring two distinct residential components. Muss Development developed and sold out the Tower Unit, while AvalonBay retained ownership of the Base Unit, comprising the rental apartments and parking facility.

The property represents a high-quality, institutionally constructed multifamily asset offering a robust amenity package that includes a rooftop pool and lounge, fitness center, children’s playroom, and 24-hour attended lobby.

“This transaction provided the borrower with the opportunity to secure attractive leverage that optimizes returns while preserving long-term flexibility,” said Daniel Lerer. “OceanFirst Bank demonstrated strong conviction in both the property’s fundamentals and the borrower’s proven track record.”