**GFI Realty Arranges $40M Acquisition Loan for Sheepshead Bay Property**
GFI Realty Services has successfully closed a $40-million acquisition loan for a residential property located at 1501 Voorhies Avenue in Brooklyn’s Sheepshead Bay neighborhood. Formerly known as Avalon Brooklyn Bay, the property has been rebranded by the new owner as Aqualina New York.
The financing, secured through OceanFirst Bank, was arranged by Daniel Lerer, Managing Director of Investment Sales & Finance at GFI. The loan collateral includes the rental portion of the building—spanning floors 2 through 19—as well as a parking garage with 105 spaces. Floors 20 through 28 of the building consist of 56 individually owned condominium units that were previously sold.
Originally delivered in 2018 through a joint venture between AvalonBay Communities and Muss Development, Avalon Brooklyn Bay was developed as a mixed-use residential structure. Muss Development oversaw and sold the condominium units, while AvalonBay retained ownership of the rental apartments and parking garage.
“This transaction provided the borrower with the opportunity to secure attractive leverage that optimizes returns while preserving long-term flexibility,” said Lerer. “OceanFirst Bank demonstrated strong conviction in both the property’s fundamentals and the borrower’s proven track record.”
The acquisition underscores continued investment interest in Brooklyn’s residential market, particularly in high-quality assets with strong operating histories.
