Isabella, 545 Washington Avenue: Review and Ratings

Review of 545 Washington Avenue by Carter Horsley

In August, 2010, the Canyon-Johnson Urban Funds (CJUF) has provided $22.6 million to complete construction of The Isabella, a 63-unit residential condominium building at 545 Washington Avenue in the Clinton Hill section of Brooklyn, according to an article posted by Linda Collins of the Brooklyn Daily Eagle.

CJUF is a joint venture of Canyon Capital Realty Advisors and an entity of Earvin "Magic" Johnson's Magic Johnson Enterprises. The building is a project of OL Washington LLC (an affiliate of the Ornstein Leyton Company of Garden City, N.Y.

The 7-story building, which is between Fulton Street and Atlantic Avenue, was designed by the Stephen B. Jacobs Group Architects.

Canyon's loan will not only facilitate the completion of the interiors, but will also help to launch an active sales and marketing campaign later this year, the article said.

"We are excited to welcome Canyon-Johnson as our lender to complete this project," said OL Washington Principal Alec Ornstein in a press release issued today.

"'Our development expertise, together with Canyon's ability to structure and execute complex transactions, will enable us to successfully complete the Isabella,' said Scott Leyton, a principal with OL Washington," the article maintained.

The Isabella is expected to be 100 percent complete in mid-September and occupancy is anticipated in the fall, according to Bobby Turner, a managing partner of Canyon.

"CJUF has years of experience and a number of investments in Brooklyn," he said. "We know this area well, and we are thrilled to contribute to the continued growth and revitalization of this community."

Building amenities include a health club, a garage, a "virtual doorman" system, and a landscaped roof deck. The red-brick building has a glass entrance marquee flanked by lighting sconces and sidewalk landscaping.

The Isabella is a seven-story residential property located on half an acre in the north-central portion of Brooklyn. The building is conveniently located one block from a C-Line subway stop, and within several blocks of subway stops for the A, 2 and 3 lines. The Isabella also lies immediately adjacent to Downtown Brooklyn and the Atlantic Yards redevelopment area.

The Isabella's collection of 63 condominiums consists of studio, one-bedroom, two-bedroom and three-bedroom homes, with an average unit size of 1,060 square feet. At an average price of $530,000, the press release said that these residences provide attractively priced housing options in the up-and-coming Clinton Hill neighborhood of Brooklyn.

Unit interiors feature large windows and excellent neighborhood views, and include contemporary Italian cabinetry, Silestone countertops, full Bosch appliance packages and oak flooring.