The Jay Group secured a $105 million construction loan from Bank Hapoalim and Israel Discount Bank for two 99-unit buildings in Downtown Brooklyn. The loan, arranged by Arrow Real Estate Advisors, will support part of a larger multifamily project across several lots including Fleet Place and Willoughby Street. Led by Jacob Kohn, the developer plans 450 units across five buildings. The 99-unit size avoids the $40 wage floor triggered by the state’s 485x tax break for buildings with 100 or more units. The site lies within the Special Downtown Brooklyn District, making it eligible for tax incentives tied to affordable housing.
The Jay Group
