$270M for 911 Apartments at Rheingold Brewery

All Year Management borrowed $270 million to build 911 new apartments on the site of the former Rheingold Brewery in Bushwick, Brooklyn.

“Approvals are already in place, construction is well underway, and the borrower has invested significant equity into the development,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital, which provided the financing for the one-million-square-foot development.

The first building, at 54 Noll, is expected to open in the next 12 months. The second, at 123 Melrose, will follow four to six months later.

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