Downtown Brooklyn mixed-use tower receives $388m financing

Walker & Dunlop has structured about $388.4 million in financing from Bank of America for The Brook, a development consisting of 448,000 rentable square feet of luxury, mixed-use multifamily and retail space located at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue in downtown Brooklyn, N.Y.

The development is located next to some of Brooklyn’s most popular thoroughfares, just steps from the Fulton Mall, and a five-minute walk from the Barclays Center.

The property will be split between two development sites with the larger eastern site at 565 Fulton St. and the western site at 547-557 Fulton St.

The eastern site consists of a 51-story mixed-use tower that will feature 59 studio, one-and two-bedroom apartments utilizing the Affordable New York (ANY) and Inclusionary Housing (IH) programs and more than 30,000 square feet of amenity space. Residents will have access to indoor and outdoor