Standard Real Estate Investments, LP (Standard), a minority-owned real estate private equity firm focused on providing joint venture equity to developers, and Belay Investment Group, LLC (Belay) today announced a second strategic investment. Standard and Belay closed an equity investment in a mixed-use development project located at 1333 Broadway in the Bushwick section of Brooklyn, NY. The total project cost is $76 million.
“After our equity investment in a 244-unit multifamily development project located at 75 West 18th Street in Downtown Indianapolis, the Brooklyn project was a perfect fit for Standard and Belay,” said Robert Jue, Chief Executive Officer of Standard. “Both investments speak to our vision of how market-rate institutional capital can be used to affect positive social change and create value for communities.”
“This is now the second deal Belay has closed with Standard, and through our partnership, we’ve benefitted from the Standard team’s aptitude finding compelling deals in great neighborhoods” said Cameron Chase, VP of Investment at Belay Investment Group. “We are excited to be involved in a dynamic mixed-use project like 1333 Broadway that supports the supply of attainable housing in an historic neighborhood like Bushwick.”
1333 Broadway is situated at the doorstep of Bushwick’s Gates Avenue Station, providing immediate access to the J and Z trains with transportation to Williamsburg and Downtown Manhattan. The building will feature prime, ground floor retail and a three-story commercial component, already pre-leased to Empire Rehearsal Studios, in addition to 15 stories of apartment units boasting unobstructed city views; 30 percent of the housing will be affordable and 70 percent will be market-rate. Units will feature a blend of studio, one-, two- and three-bedroom units, ideal for residents that work from home or also want the ability to quickly commute into Manhattan or other parts of Brooklyn. Amenities will include a gym, a bicycle room, package room and 50 parking spaces located below grade and on the first floor.
Belay is an investment manager focused on the deployment of institutional capital through strategic partnerships with emerging managers and market sector specialists across a variety of value-add strategies and property types. Driven by its strong fiduciary culture and an emphasis on mentorship within its operating partnerships, Belay harnesses these relationships in the sourcing of opportunities and execution of strategic sectors and market-specific strategies that benefit from demographic trends and sustainable economic drivers. With an investment thesis currently focused on attainable multifamily and workforce housing, coastal infill industrial, debt, and specialty asset classes, Belay often invests with an eye towards fostering both sustainability and diversity, equity, and inclusion in commercial real estate where it benefits the real estate and end users, with 58% of its Venture III allocation thus far deployed to MWBE (minority/women-owned business enterprises) operating partners.