Through an off market process, The Davis Companies recapitalized a stalled for-sale residential development project in the Carroll Gardens neighborhood of Brooklyn at 50% of the prior ownership’s investment basis. The Davis Companies structured an equity joint venture with the original investor and a strong local developer.
The project was originally started in 2006, however, the development stalled after the project was designed and permitted, tax abatements procured, the foundation poured, structural steel purchased, and $40 million had been invested.
This area of Carroll Gardens had seen little new development but with one of the best school districts in NYC and excellent transportation options into Manhattan, it was highly desirable to working families. The Davis Companies’ business plan was to complete the construction of the project and market the units for sale.
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