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JDS’ 9 DeKalb Supertall Lands Construction Loan

A $664-million construction loan from Silverstein Capital Partners and Otera Capital has ended JDS Development Group’s years-long quest for financing of a supertall tower at 9 DeKalb Ave. in Brooklyn. Construction of the 1,066-foot-tall apartment project is slated to begin this summer, according to Crain’s New York Business.

The tower, designed by Shop Architects, will include 425 apartments, about 30% of which will be capped below market rate, Crain’s reported. The project will also include 150 condominium units.

JDS head Michael Stern and then-partner Joe Chetrit purchased the 9 DeKalb site, home to the century-old, landmarked Dime Savings Bank, in 2015 for $90 million. Under plans approved by the Landmarks Preservation Commission in 2016, the bank will be converted into public space and a flagship store, with the 73-story tower to be built behind it.

The Wall Street Journal first reported the construction loan.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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