Refinancing · Brooklyn Heights
Rockrose Refinances the Old St. Francis College Campus
The four-building Remsen Street campus Rockrose bought for $160 million in 2023 is becoming roughly 747 apartments. Demolition finished at the end of 2025.
- Amount
- $91M
- Type
- Refinancing
- Date
- Jul. 2026
172 Remsen Street, Brooklyn, NY
Recorded in NYC property records.
- Borrower
- BK Acquisition Three L.L.C.
- Lender
- ABJ Funding L.L.C.
- The property is the former St. Francis College campus, bought by Rockrose Development for $160M in 2023.
- The four-building, 158-176 Remsen Street campus is being converted into roughly 747 units of housing.
- Demolition across the complex finished November 2025; foundation and excavation work was active at 176 Remsen Street through mid-2026.
- 176 Remsen Street itself is individually landmarked (designated 2011).
Overview
BK Acquisition Three LLC -- the entity holding the former St. Francis College campus, bought by Rockrose Development for $160 million in 2023 -- recorded a $91 million mortgage assignment/agreement on the property in July 2026, with the loan held via ABJ Funding LLC and Wells Fargo named on the assignment side. The four-building, 158-176 Remsen Street campus is being converted into roughly 747 units of housing; demolition across the complex finished in November 2025, and DOB-permitted foundation and excavation work was active at 176 Remsen Street through mid-2026. The individually landmarked building at 176 Remsen Street (designated 2011) is part of the conversion.
A $91 million recapitalization confirms real, ongoing financing activity on one of Brooklyn Heights' largest redevelopment sites, adding financing detail to the campus's known construction progress.
Parties Involved 4 recorded
Basis
Named on the ACRIS AGMT document. ACRIS's AGMT document type doesn't specify lender vs. borrower directly, so no stronger claim is made than recapitalization activity involving the named parties.
Basis
Named on the ACRIS AGMT document alongside BK Acquisition Three L.L.C.
Basis
Named on the assignment side of the ACRIS AGMT document.
Basis
Purchased the former St. Francis College campus for $160 million in 2023, per The Real Deal and Crain's New York Business; BK Acquisition Three L.L.C. is the holding entity for that same campus.
Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.
Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.
Property & Project
Sources & Recordsverification, citations & data notes
- ACRIS Document Detail — NYC ACRIS
- Rockrose Development files plans to convert 176 Remsen St. to housing — Crain's New York Business
- Former St. Francis campus to be converted to residential, housing — The Real Deal
- St. Francis campus to be converted to housing, retail — Brooklyn Eagle