Sponsor Sares Regis Group is planning a full renovation of the 386-unit property.
Sponsor Domain Companies is taking advantage of new zoning in the gentrifying Brooklyn neighborhood.
The survey shows widespread, albeit measured, pessimism around commercial real estate in the coming year.
The funding is split into a $67.6m mezzanine loan and a $147.5m senior loan.
The financial services company wants to bolster its business in this part of the market.
The firm recently expanded in the Pacific Northwest, hiring Blake Rodgers to head its new Seattle office.
The Newport Beach-based office specialist has also had a solid leasing year as the return to office slowly picks up pace.
About a quarter of the New York-based private investment platform is focused on the real estate sector.
The borrower, Carter Multifamily, secured the floating-rate loans through Freddie Mac.
The speculative Somerville, Massachusetts development is scheduled for completion in 2024.