Monadnock Development has obtained a $175 million construction loan for 155 Third St., a 300-unit community in Brooklyn. A partnership between PCCP LLC and U.S. Bank provided the financing, in a deal arranged by JLL Capital Markets.
The development will rise within Brooklyn’s canal district and is set to come online in the fourth quarter of 2027.
The project will take shape at the confluence of Carroll Gardens, Gowanus and Park Slope, and 2 miles away from downtown Brooklyn. JFK International Airport is within 19 miles southeast.
The 22-story building will include 225 market-rate units and 75 affordable apartments under the 421a affordable housing tax abatement program, which reflects ongoing affordable housing trends shaping development strategies across New York City. The high-rise will also have 30,000 square feet of retail, artist and commercial space, connecting it to the planned seven-acre Gowanus Greenway Esplanade.
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Common-area amenities will include a swimming pool and terrace, a sky lounge, fitness and yoga studios, as well as a cocktail lounge with fireplace. The property will also have coworking spaces, movie and party rooms and multiple outdoor areas.
The JLL Capital Markets Debt Advisory team included Senior Managing Directors Christopher Peck and Kellogg Gaines, Managing Director Winfield Clifford and Senior Director Nicco Lupo. PCCP Managing Director Brian Haber and Vice President P.J. Finley led the company’s team.
Multifamily loan originations increased 27 percent year-over-year in the third quarter of 2025, according to a Mortgage Bankers Association report. However, the figure was only 12 percent higher compared to the previous quarter, but still reflected softening lending conditions.
Brooklyn’s multifamily inventory
Brooklyn had 64 multifamily projects under construction as of December, according to Yardi Matrix information. These developments are set to comprise 20,345 apartments upon completion. Out of these communities, nine broke ground this year.
In April, CAMBA Housing Ventures topped out the 328-unit Clarkson Estates, an affordable housing project. The $238 million development is expected to come online next summer.
A few months later, a joint venture between Gilbane Development, Blue Sea Development, Artspace Projects and the City and State of New York obtained financing for Brownsville Arts Center & Apartments. The companies landed $254 million for the 283-unit project that broke ground in September.
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